 Five years after that career move, his new firm introduced its first office photocopier.As one of the first companies to step into the lucrative arena and potential growth market, Xerox's annual revenues soared from $40 million in 1960 to almost $3 billion in the early 1970s.After taking over the presidency of the firm in 1966, McColough significantly changed and altered the direction and goals of Xerox Corporation.