Xerox Corp. (NYSE: XRX), the world’s leading document management, technology and services enterprise, recently announced that chief executive officer, Anne Mulcahy, will retire on July 1st and will be succeeded by Ursula Burns, the company’s president. According to the company, Mulcahy will continue to support the transition following her retirement on July 1st and will be at the office full time to ensure a smooth transfer of power and also handle customer relations and strategy.

Mulcahy was appointed in 2001 after the company fired G. Richard Thoman amid mounting financial debt and losses. Mulcahy is credited with leading the document management company out of a deep financial slump earlier in the decade. This transition has been in the works for the past two years since Burns was named president in April 2007.

Burns, however, takes the top job in a period of renewed stress due to the national recession, which has severely impacted printer equipment and supplies spending. In an effort to reduce spending, Xerox announced late last year that the company would cut 3,000 jobs nationwide.