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Burns served in an advisory role with Teneo after leaving Xerox in 2016.
Burns said the focus on her race and gender was a "ridiculous way to make history."
Diageo PLC reported its operating profit, excluding one-time items, climbed 20 percent to $4.73 billion for the fiscal year ended June 30.
Robert Keegan is replacing Ursula Burns, who retired from the board of directors on May 25.
For the period ending Sept. 30, total revenue was down 3 percent — the Norwalk company's seventh consecutive quarter of decline.
Others reportedly considered for the slot included Bill Gates, Bernie Sanders and Elizabeth Warren.
The new name symbolizes "something original and with a bit of intrigue," per a Xerox executive.
Ursula Burns, currently the chairman and CEO of Xerox, began at the company as an intern in 1980.
Forbes recognizes three Fairfield County leaders in its list of the most powerful women in business.
After accounting for restructuring costs stemming from the layoffs of 2,500 employees, Xerox Corp. fourth quarter adjusted earnings were 30 cents per share, topping a consensus estimate of 29 cents per share.