Ursula Burns Will Be Out as CEO of Xerox by the End of the Year

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Ursula M. Burns, 57, of Xerox is one of only six Black CEOS of Fortune 500 companies and the only Black woman. She's been leading Xerox since 2009.

The Associated Press reports that when the company splits later this year, she will no longer be the chief executive. Instead, Burns will be chairwoman of the new yet-to-be-named spinoff company which will include its printer and copier businesses.

The company has faced years of lagging earnings and Xerox shareholders believe a split will make the company more valuable. Burns was resistant to the idea when it was proposed.

Burns worked her way up to CEO in the company. She began at Xerox as an intern in 1980.

Xerox has not named who will be CEO of the existing company or the new one.

Photo credit: Joshua LOTT/AFP/Getty Images