Ursula Burns Named New Xerox CEO

Xerox Corporation's board of directors announced today that Anne Mulcahy, chairman and chief executive officer, will retire as CEO effective July 1st. Ursula Burns, current president of the company, was named by the board to succeed Mulcahy as chief executive officer. Mulcahy will remain as chairman of the board.

"Ursula takes on the leadership role the old-fashioned way," said Mulcahy. "She has earned it. And, for that, she has my deep respect and confidence."

She is the first black woman to head a Fortune 500 company. According to Xerox, this is also the first time a female chief executive has replaced another female chief executive at a Fortune 500 company.

Xerox reported revenue of $17.6 billion in 2008. 

Ursula Burns, 50, joined Xerox in 1980 as a mechanical engineering summer intern and later assumed roles in product development and planning. From 1992 through 2000, Burns led several business teams including the office color and fax business and office network printing business. In 2000, she was named senior vice president, Corporate Strategic Services, heading up manufacturing and supply chain operations. She then took on the broader role of leading Xerox's global research as well as product development, marketing and delivery. In April 2007, Burns was named president of Xerox, expanding her leadership to also include the company's IT organization, corporate strategy, human resources, corporate marketing and global accounts.

"During Anne's tenure, Xerox has become a stronger, financially sound company, serving a broader base of customers - from small businesses to large - with broader capabilities than ever before," said Burns. "She leaves the CEO role having created a rich legacy that I am honored to build on. It is humbling to follow such a great leader and to serve as CEO of such a great company. I'm grateful for the opportunity and, like Anne, focused on creating value for our customers, our people, our shareholders and our communities."