Xerox says Ursula Burns won't be CEO after company splits

NEW YORK, N.Y. – Xerox says Ursula Burns, the first black woman to run a Fortune 500 company, won’t be CEO after the company splits in two later this year.

Burns, 57, was named CEO of Xerox in 2009. She has spent her entire career at the company, working her way up from an internship in 1980 to the top job seven years ago.

Xerox said Friday that after the split, Burns will become chairman of a newly formed document technology company, which will include its printer and copier business. The second company will focus on business process outsourcing, providing payment processing and other services.

Xerox, based in Norwalk, Connecticut, said it is searching for CEOs for both companies.

Xerox announced in January that it would separate into two independent publicly traded companies after being pressured by activist investor Carl Icahn, who argued that the separate companies would be more valuable.

Shares of Xerox Corp. rose 14 cents, or 1.6 per cent, to $9.19.