Xerox was founded in 1906 and came to fame with the introduction of the ‘Xerox 914.’Years after, the company began to experience reverses. As such, other companies overtook Xerox and placed them in a relative limbo. In 1997, Paul A. Allaire held the top spot and he introduced reforms in the company and the company was able to regain much of its lost grandeur. Richard Thoman was next in line to Allaire and in 2000, Thoman became the top henchman of Xerox. However, a few months into his administration Xerox once again fell to the gutters. As a result, Xerox’s Board of Directors ousted Thoman and reinstated Allaire.With the collapse of Xerox was hanging close, Allaire undertook the implementation of illegal accounting actions to salvage the company. This step was allegedly performed with the knowledge of several key officers of the company. As such, when the breach was discovered in 2002, the SEC slapped Xerox and several of its key officers, including its auditor, KPMG with a multi-million dollar settlement cost.The fact remains that while the international market becomes more and more stringent and the players become more and more aggressive, businessmen must take into account that the end does not always justify the means.From mans primitive beginnings in trade, today’s globalized economy has indeed taken a fast-paced train to reach its current state. What started as a simple barter of goods, commerce has now advanced into multi-settings and several complex marketing schematics aimed at the attainment of an international foothold on the market. Among the advancements in the business, a setting is the re-invention of the terms cost-efficiency and effectivity of a business entity. That is, while profit and returns remain as the major determinants of success, issues such as the viability of command management, corporate cohesiveness and the existence of labour receptive policies became the order of the day.
On the Critical Role of Corporate Ethics in Organizational Success