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Xerox Corp. said Thursday that Chief Executive Anne Mulcahy will retire July 1, to be succeeded by Ursula Burns, the printer and copier maker's president.
Mulcahy, 56, is credited with leading the Norwalk, Conn.-based company out of a deep financial slump earlier in the decade. She was appointed in 2001 after the company fired G. Richard Thoman amid mountiung losses.
Mulcahy will continue to chair the Xerox board.
The move has been in the works for some time, with Burns seen as an heir apparent since she was named president in April 2007.
Mulcahy and Burns have both spent decades climbing through the company ranks.
Mulcahy joined the Xerox as a sales representative in 1976, coming up through management jobs in sales, human resources and marketing before being named president and chief operating officer in 2000.
Burns, 50, was appointed president in April 2007 after nearly three decades with Xerox.
This is a major deal since there are not may African American CEO's in the Fortune 500 world today.
WDKX would like to congratulate Ursula Burns and wish her well on her new endeavor!
