Xerox names new CEO

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Xerox names new CEO

Xerox said Thursday that CEO Anne Mulcahy will retire July 1, to be succeeded by Ursula Burns, the printer and copier maker's president.

Xerox will become the largest U.S. company to be headed by an African-American woman.

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 mounting losses.

Mulcahy will continue to chair the Xerox board.

The move has been in the works for some time, with Burns, 50, seen as an heir apparent since she was named president in April 2007.

5/21/0910:24 PM

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