IMO, people make companies. From my narrow viewpoint, I've seen several very good people leave Xerox to go work for HP. I don't want to mention names, but they are not hard to figure out.
First, just after Ursula was made CEO, the head of Production Printing announced he was leaving XRX to go to some unknown company in SoCal. No one could figure it out at the time. A year and a day later, this guy showed up at HP running their Imaging and Printing division, located north of San Diego. Hmmm. Was the intermediate company just a way to avoid legal entanglements?
Next, just after Ursula decided to downsize Production Printing, their System Engineering honcho resigned. Very bright guy, hailed back to Alto days at PARC, seemingly filled with great ideas no longer needed by Ursula. He too ends up at HP, Technology Director.
Then, Ursula made the decision to outsource Production Printing software to Indians. Morale crushed, dozens of good people fled to other companies rather than work for that bunch. One of them had invented a language for high speed variable data. Yep, he's now at HP as a Software Director.
A few months ago, Wim Appelo resigned from XRX. He had been head of the Technology Division. Now, if he ends up at HP, well you get the picture.