Xerox Chairman to Step Down as CEO

Company president will replace Mulcahy on July 1.

Xerox Corp. announced Thursday that chairman Anne Mulcahy, widely credited with putting the document management company back on solid ground, will step down as chief executive on July 1. Mulcahy, 56, will be replaced as CEO by current Xerox president Ursula Burns, Xerox announced at its annual shareholders meeting in Connecticut. "There is no doubt in my mind that she's the right person and it's the right time for her to become the seventh CEO of Xerox," Mulcahy said of Burns. Mulcahy, who joined Xerox in 1976 as a sales representative, will remain chairman of the board. She took over as chief executive in August 2001 and as chairman in January 2002. Burns has worked for Xerox since 1980, heading the office color and fax business and office network printing business. She was named a senior vice president in 2000 in charge of manufacturing and supply chain operations. She was named president in April 2007. Xerox, in a statement, noted that Mulcahy had completely overhauled the company's product line during her tenure, launching more than 80 products in the last three years. "As CEO, Anne successfully led a multibillion-dollar turnaround of Xerox and transformed the business into an innovative digital technology and services enterprise," said N.J. Nicholas, lead independent director of Xerox's board. Last year, however, was a difficult one for the company with its net profit falling by 80%. Revenue fell 18% in the latest quarter but Xerox still managed to turn a profit. Copyright Agence France-Presse, 2009

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