Mulcahy, who will retire from the position on 1 July, has "transformed the business into an innovative digital technology and services enterprise," according to N.J. Nicholas, lead independent director of Xerox’s board of directors.

She has held a 33-year tenure with the corporation, starting as a sales representative before holding senior management roles in sales and marketing. Mulcahy became chief executive of Xerox in 2001 and a year later became company chairman.

"Our strategy is sound and well defined. Despite a tough economy, we are generating cash, building our technology and services pipeline, and are poised for a period of steady profitable growth in the future," said Mulcahy.

Incoming chief executive Burns has been with Xerox 29 years and became senior vice president in 2000, and later, president in 2007.

She said: "It is humbling to follow such a great leader and to serve as chief executive of such a great company.

"I’m grateful for the opportunity and, like Anne, focused on creating value for our customers, our people, our shareholders and our communities."

Mulcahy is credited with the creation of Xerox Global Services and with having more than 80 products launched during her tenure.

She said of the new appointment: "Ursula takes on the leadership role the old-fashioned way. She has earned it. And, for that, she has my deep respect and confidence."