Xerox chief executive to step down

Anne Mulcahy is to step down after eight years as chief executive of Xerox

Xerox has announced that its chief executive will retire from the company at the end of June.

Anne Mulcahy, who currently serves as chairman and chief executive, will hand the chief executive role to current president Ursula Burns.

Mulcahy's departure will mark the end of a nearly eight-year run as chief executive of the company she joined in 1976.

"I joined Xerox because it offered a level playing field, and a sales environment where meritocracy ruled. And I stayed because the values of the brand, the culture and the people are so closely aligned with how I think every business should operate," she said.

"It has been a privilege leading Xerox. The decision to move on is made easy only in the fact that Ursula Burns is so well positioned to take Xerox to the next level."

Burns will take over a company that, much like the rest of the IT industry, is struggling to cope with the economic crisis. Late last year, Xerox announced plans to shed 3,000 employees in light of falling revenues.

Burns joined Xerox in 1980 as an engineer. "It is humbling to follow such a great leader and to serve as chief executive of such a great company," she said. "I am grateful for the opportunity and, like Anne, focused on creating value for our customers, our people, our shareholders and our communities."