Xerox Chairwoman Mulcahy to retire

ROCHESTER, N.Y., March 30 (UPI) -- Anne Mulcahy, chairwoman of U.S. imaging firm Xerox Corp., said Tuesday she would retire before the company's annual shareholders meeting May 20.

At that point, Mulcahy, who retired as the company's chief executive officer last year, said her successor as CEO, Ursula Burns, would also assume her chairwoman's responsibilities.

"This decision is made infinitely easier by the knowledge I turn the company over to a gifted leader at a point when our strategy is sound," Mulcahy said in a statement.

The Rochester, N.Y., Democrat and Chronicle reported Mulcahy began at Xerox as a sales representative in Massachusetts in 1976 and worked her way up to become president in 2000.

She ascended to the CEO position in 2001 and board chairwoman in 2002.

Mulcahy is credited with leading Xerox through a difficult turnaround. She became president after CEO G. Richard Thoman was fired due to an accounting scandal.