Xerox’s Burns achieves new milestone

Ursula Burns officially took over Thursday as chairman of Xerox Corp. in Norwalk, becoming the first African-American woman to chair a Fortune 500 company.

Burns, 51, succeeds Anne Mulcahy, 57, who retired at Xerox's annual meeting.

Burns became the first female African-American Fortune 500 CEO when Mulcahy stepped down from that role last July, staying on as chairman.

In her final address to shareholders as chairman, Mulcahy noted the seamless leadership transition.

"Ursula has the experience, judgment, passion, knowledge and tools to take this company forward,'' Mulcahy said. "She has been at my side for the past decade as we transformed a company we love and put it on a trajectory for continued success."

During the meeting, Burns said Xerox has plenty of opportunities in its $500 billion imaging-technology and document-management market.

"We will continue,'' she said, "to generate strong cash flow and grow revenue by maintaining investments in technology, expanding our sales channels and scaling our services business, while keeping a disciplined focus on cost and expense management."

Also at the annual meeting, shareholders re-elected nine members to the Xerox board: Burns, Glenn A. Britt, Richard J. Harrington, William Curt Hunter, Robert A. McDonald, N.J. Nicholas, Jr., Charles Prince, Ann N. Reese and Mary Agnes Wilderotter.