Global Business/World Beaters
People to Watch in International Business
BY ERIC ROSTON

Monday, Feb. 25, 2002
--ANNE MULCAHY
Copier Repairwoman

Soon "to Xerox" may mean more than just "to photocopy." Late last month the company declared an operating profit for the first time in five quarters. Although that translates to a $4 million loss in bottom-line earnings, it marks an improvement from the $20 million lost in the fourth quarter of 2000--and from the bankruptcy rumors heard just two years ago. Mulcahy, 49, who became chairman Jan. 1, has presided over the asset sales, cost cutting and outsourcing of production that have brought Xerox closer to profitability. A government investigation into its accounting is ongoing, but with the company's debt declining and stock price up modestly, "to Xerox" may soon denote "to turn a business around."

--RICHARD CHANG
Chip Mogul

Chang has become a sort of Pied Piper of Pudong, the suburban Shanghai business district, luring chip engineers by the dozen from Taiwan. Chang's Semiconductor Manufacturing International has built China's first 8-in. wafer foundry, a $1.5 billion venture that heralds more high-tech Taiwanese investments in the giant next door.

--MICHAEL WARD
Railroad Conductor

Ward, 51, makes sure the freight trains run on time--no easy task, given his company's history of delays. As president of CSX Transportation, operator of 23,000 miles of rail in the Eastern U.S., Ward has steered the largest unit of CSX Corp. onto a steadier track by integrating assets purchased in 1999 and repairing rails that concerned regulators in 2000. CSX has just reported a profit of $65 million in the fourth quarter--up 20% over 2000, despite the recession.

--JAVIER PEREZ FARGUELL
Soccer Club Dealmaker

Farguell, 46, general manager of Futbol Club Barcelona, has made a three-year pact with the National Football League to help buoy the popularity of U.S. football in Europe and European soccer in the U.S. His soccer team will play exhibition games in NFL stadiums, and the Barcelona Dragons, part of NFL Europe, will join F.C. Barcelona's 16-team empire.

--ANNETTE ROUX
Captain of Industry

Motor yachts and sailboats made by Beneteau have kept moving even through the low tide of recession. The 118-year-old family-run French boatmaker expects net profit to grow nearly 3%, past $50 million in fiscal 2002. That's attributable to more efficient production and design, a varied product line that sells even during tough times, and the leadership of Roux, 59, who has kept Beneteau on course since she and her late brother took the helm in 1964.