Once synonymous with corporate success and technological innovation, Xerox is now struggling with losses and a leaden stock-not to mention a reputation for fumbling high-tech opportunities1938

Chester Carlson produces first xerographic image in his lab in Astoria, Queens.1959

Launches the Xerox 914, the first automatic, plain-paper office copier--which becomes the top-selling industrial product of all time.1961

Shares list on the New York Stock Exchange. Xerox becomes one of the great growth stocks of the go-go era.1970

Opens Palo Alto Research Center, birthplace of the personal computer, laser printer, and Ethernet; much of the technology goes unexploited by Xerox.1982

Visionary leader David T. Kearns becomes CEO, facing a dire competitive threat from Japanese rivals pioneering low-cost copiers.1983

Begins a disastrous foray into financial services with purchase of Crum & Forster insurance group; later buys brokerage and life-insurance companies.1990

Launches line of digital presses, creating lucrative new market; Paul A. Allaire named chief executive.1993

Decides to quit financial services; announces first major layoffs, reducing workforce by 10%.1995

Introduces digital copier, opening vast new market and creating a $3 billion-a-year business. But success blinds it to threat of desktop printers.1997

Rick Thoman leaves IBM to become president and COO.1998

Sells Crum & Forster at huge loss; slashes an additional 9,000 jobs, taking $1 billion write-off.1999

Shares hit peak of $64 as Thoman is named CEO. But quick attempts to overhaul hidebound culture backfire. Earnings and shares plummet. U.S. inkjet printer sales hit $5.2 billion, with 50% controlled by Hewlett-Packard. Xerox logs 2% share.MARCH, 2000

Announces 5,200 more layoffs.MAY, 2000

Allaire ousts Thoman and returns as CEO.DECEMBER, 2000

Reports largest quarterly loss under Allaire. Stock hits $7.JANUARY, 2001

Announces 4,000 layoffs. Company again forced to deny it has plans to file for Chapter 11 bankruptcy. Leveraged buyout firms begin serious discussions for a minority stake in Xerox.