Computing systems have undergone a fundamental transformation from the single-processor devices of the turn of the century to today's ubiquitous and networked devices and warehouse-scale computing via the cloud. Parallelism has become ubiquitous at many levels. The proliferation of multi- and many-core processors, ever-increasing numbers of interconnected high performance and data intensive edge devices, and the data centers servicing them, is enabling a new set of global applications with large economic and social impact. At the same time, semiconductor technology is facing fundamental physical limits and single processor performance has plateaued. This means that the ability to achieve predictable performance improvements through improved processor technologies has ended. The Exploiting Parallelism and Scalability (XPS) program aims to support groundbreaking research leading to a new era of parallel computing. XPS seeks research re-evaluating, and possibly re-designing, the traditional computer hardware and software stack for today's heterogeneous parallel and distributed systems and exploring new holistic approaches to parallelism and scalability. Achieving the needed breakthroughs will require a collaborative effort among researchers representing all areas-- from the application layer down to the micro-architecture-- and will be built on new concepts and new foundational principles. New approaches to achieve scalable performance and usability need new abstract models and algorithms, programming models and languages, hardware architectures, compilers, operating systems and run-time systems, and exploit domain and application-specific knowledge. Research should also focus on energy- and communication-efficiency and on enabling the division of effort between edge devices and clouds.