​Xerox: Ursula Burns won't be CEO after company splits

NEW YORK - Xerox (XRX) says Ursula Burns won't be CEO after the company splits in two later this year.

Burns was named CEO of Xerox in 2009, becoming the first black woman to lead a Fortune 500 company.

Xerox says after the split she will become chairman of a newly formed document technology company, which will handle document management and document outsourcing.

Xerox says it is searching for CEOs for both companies.

Xerox Corp., based in Norwalk, Connecticut, announced in January that it would separate into two independent publicly traded companies. At the time, it did not say what role Burns would have.