McColough, who was named as one of the top business leaders of the 20th century by Harvard University, ruled Xerox for more than 30 years.
At the beginning of his reign, Xerox was a tiny outfit called Haloid and when he stepped down in 1982 the outfit had revenues of $7bn a year.
According to the New York Times, McColough, was a "philosopher-king" who helped pioneer affirmative action in the workplace during the civil rights days of 1960s America.
He also streamlined Xerox's operations during a recession in the 1970s. McColough is survived by his wife, children and several grandchildren.
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