Xerox on Thursday said Ursula Burns would replace Anne Mulcahy as chief executive, becoming the only female African-American chief executive among the Fortune 500’s top 150 companies.

Ms Mulcahy, 56, who turned the printing company round after the dotcom bubble burst, will retire on July 1 but remain as chairman. Ms Burns, 50, currently president, is her closest lieutenant. The move had been widely expected.