Ursula Burns, 50, will become one of a small handful of African American Fortune 500 CEOs later this summer, replacing Anne Mulcahy, 56, as CEO of Xerox.

Mulcahy, who advised the Obama administration during the presidential transition, is retiring as CEO but will retain her chairperson position. She handpicked Burns, company president since 2007, as her replacement.

Reuters.com reports there will not be a dramatic shift in corporate strategy, despite the company’s fiscal woes.

Burns began her career at Xerox as an mechanical engineering intern in 1980.

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