Xerox has appointed Ursula Burns its new CEO.

In the historic move, the 50-year-old corporate executive becomes the first African-American woman to lead a Fortune 500 company.

Burns is currently President of the company that supplies digital printers and other document services. In her new Role, she will replace outgoing CEO Anne Mulcahy, who is retiring July 1.

As head of Xerox, Burns joins 15 other women CEOs of Fortune 500 companies.

"She has been at my side helping to turn Xerox around," said Mulcahy to investors Thursday during a press conference.

Both women have worked closely since 2007. Not much his expected to change at Xerox.