Mulcahy, 56, a 33-year veteran of Xerox, became CEO in 2001 and added the title of chairman in 2002. She will retire as CEO on July 1, the company said on Thursday. Mulcahy will stay on as chairman.
Burns, 50, joined Xerox in 1980, was named president in 2007 and had been groomed as the next CEO by Mulcahy.
She has been at my side helping to turn Xerox around, Mulcahy told investors at the company's annual shareholder meeting on Thursday.
(Reporting by Franklin Paul, editing by Gerald E. McCormick)