Xerox chairman to retire in May

Xerox chairman Anne M Mulcahy, who is credited with turning around the fortunes of the company, has announced she is stepping down in May.

Ms Mulcahy will be succeeded by the firm's current chief executive Ursula M Burns.

The 57-year-old took charge of Xerox at a time when it was struggling with huge losses and an investigation by US federal authorities into its accounting practices.

Her strategy, focused on better products and streamlined costs, helped revive the company over her nearly decade-long tenure.

Xerox has since extended its services from making printers and copiers to delivering key back-office functions for its customers.

Ms Mulcahy will retire on May 20 handing over her duties to Ms Burns, who took charge as chief executive in July last year becoming the first African American woman to head a Fortune 500 company.

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