Xerox CFO jumps ship for Apple

Faith Merino · January 11, 2013 · Short URL:

Luca Maestri will become Apple's new Corporate Controller next month

As CES winds down, let’s all turn our collective restlessness back to our favorite hardware maker: Apple. What’s going on in the world of Apple today? Funny you should ask: Apple hired a new corporate controller today.

Luca Maestri, who is the current CFO of Xerox, will be boarding the Apple train next month, where he’ll report to Apple CFO Peter Oppenheimer. He’ll be filling the spot vacated by former Apple corporate controller Betsy Rafael, who left last October.

Apple could not immediately be reached for comment, but spokesman Steve Dowling told AllThingsD that Apple is “thrilled that Luca Maestri will be joining us. He brings more than 20 years of experience in finance and management, and we look forward to working with him.”

The 48-year-old Maestri, who might have the best name ever, joined Xerox in February 2011, after serving as CFO of Nokia Siemens Networks since 2008. Prior to that, he spent 20 years as varying senior executive financial positions for General Motors. Xerox, Nokia, and GM. I think Maestri is doing a happy dance as we speak.

"I came to Xerox with a strong belief in its strategic direction and I leave with even greater confidence in the company's rich opportunity as a leader in outsourcing services and document technology,” said Maestri, in a statement. “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."

Oddly enough, the announcement of the new addition of Maestri to Apple’s ranks didn’t come from Apple, but from Xerox.

"Luca is a stellar finance executive whose contributions have brought great value to the transformation of Xerox into a servicesenterprise,” said Ursula Burns, Xerox chairman and CEO, in a statement.

Xerox shares closed Friday at $7.26, down more than 50% from February 2008. Just as a quick comparison:

Xerox shares: $7.26

Nokia shares: $4.70

General Motors: $30.36

Apple: $520.30



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