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January 11, 2013

Apple Hires Xerox CFO Luca Maestri as New Corporate Controller

By Amanda Ciccatelli, TMCnet Web Editor

The world’s richest company, Apple (News - Alert) Inc., has hired Xerox Corp.’s Luca Maestri as its new Corporate Controller. Maestri, executive vice president and CFO, is leaving Xerox February 28 to assume his new role at Apple.

Maestri will work under Apple’s senior vice president and CFO Peter Oppenheimer, who handles the controller, treasury, investor relations, tax, information systems, internal audit and facilities functions. Like Maestri, Oppenheimer joined Apple after serving as finance chief elsewhere.

“Apple is thrilled that Luca Maestri will be joining us,” Steve Dowling, a spokesman for Apple, told Bloomberg. “He brings more than 20 years of experience in finance and management, and we look forward to working with him.”

Image via AppleInsider

Maestri came to Xerox with a strong belief in its strategic direction and he feels that he is leaving even greater confidence in the company's position in outsourcing services and document technology.

“It's been an incredible learning experience to be part of this major business shift for such a respected brand. I'm proud of our progress, and I know Xerox is on very firm footing for sustainable success,” he said in a statement.

Xerox has valued Maestri, whose contributions have transformed Xerox into a services enterprise.

“He's helped strengthen our financial foundation, which will serve his successor, our company and our shareholders well for the long term,” Xerox CEO Ursula Burns told Fox News.

According to Burns, Xeroc’s fourth-quarter guidance, with non-GAAP earnings in the range of 28 cents to 30 cents a share, bracketing average analyst estimates of 29 cents in a Thomson Reuters (News - Alert) poll. Xerox, which will report fourth-quarter and 2012 earnings on Jan. 24, has seen its shares increase 1.5 percent premarket to $7.40.

“Moving from Xerox to Apple is a step up, even going from CFO to controller,” said John Bright, an analyst at Avondale Partners (News - Alert) LLC, said in an interview. “Is this a stepping stone? It certainly could be.”

Want to learn more about the latest in communications and technology? Then be sure to attend ITEXPO Miami 2013, Jan 29- Feb. 1 in Miami, Florida.  Stay in touch with everything happening at ITEXPO (News - Alert). Follow us on Twitter.

Edited by Rachel Ramsey
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