Xerox CFO Quits To Become Apple’s Controller

 @DavidZie
on January 11 2013 9:58 AM
Apple Headquarters
This Wednesday at 5 p.m. EST, Apple (Nasdaq: AAPL) CEO Tim Cook will get on the phone with investors to discuss his company's first quarter earnings for 2013. Courtesy/Dave Smith

Xerox Corp. (NYSE:XRX), the top maker of office imaging systems, said Luca Maestri, its CFO, quit to become corporate controller at Apple Inc. (NASDAQ:AAPL). The change will take place on Feb. 28, after both companies announce quarterly results.

Maestri, 49, had been CFO of Nokia Siemens Networks until 2011, when he joined Xerox, of Norwalk, Conn., as executive VP and CFO. In his first year at Xerox, Maestri received $3.3 million in total compensation, including $568,000 in salary and a $600,000 bonus. Apple didn't disclose his initial compensation.

“Luca is a stellar finance executive whose contributions have brought great value to the transformation of Xerox into a services enterprise,” Xerox CEO Ursula Burns said.

Apple, of Cupertino, Calif., had been seeking a new controller since Betsy Rafael retired last October.

Shares of Xerox fell 3 cents to $7.26 in Friday trading, while those of Apple fell $521 to $520.30.

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