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Xerox's CFO Resigns

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Business process and document management company Xerox Corp. (XRX - Free Report) recently announced that Luca Maestri, Executive Vice President (VP) and Chief Financial Officer (CFO), has resigned from his post effective February 28, 2013, to join as the corporate controller in Apple Inc. (AAPL - Free Report) . Luca’s exit from Xerox’s helm is likely to affect its normal functioning, especially in the current challenging macroeconomic environment. The company has already started its search for a new CFO.

Despite tough competition and top-line challenges, Xerox witnessed remarkable success in its operations under his leadership. In addition, Luca played a key role in shaping Xerox’s strategic and operational plans. Over the years, he had successfully steered the company toward growth through tactical initiatives and expects the company to be a leader in outsourcing services in future, irrespective of the change in top leadership.

Xerox is expected to release its fourth-quarter 2012 results on January 24, 2013. The company had earlier reiterated its fourth-quarter GAAP earnings guidance in the range of 24 to 26 cents a share. The Zacks Consensus Estimate for the fourth quarter earnings is currently pegged at 28 cents.

Headquartered in Norwalk, Connecticut, Xerox is a leader in the development, manufacture, marketing, servicing and financing of document equipment across the world. The company has three segments Technology, Services and Others. The company is looking forward to expand its offerings through inorganic measures and acquisitions which will help the company to add more clients to its portfolio.

Xerox currently has a Zacks Rank #4 (Sell) and a long-term Neutral recommendation. One of its competitors, Canon Inc (CAJ - Free Report) carries a Zacks Rank #3 (Hold).

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