Xerox CFO Luca Maestri to Leave Company

Fri Jan 11, 2013 8:00am EST

* Reuters is not responsible for the content in this press release.

NORWALK, Conn.--(Business Wire)--
Xerox (NYSE: XRX) today announced that Luca Maestri, executive vice president
and chief financial officer, is leaving the company, effective February 28, to
assume the role of corporate controller at Apple. 

"Luca is a stellar finance executive whose contributions have brought great
value to the transformation of Xerox into a services enterprise," said Ursula
Burns, Xerox chairman and chief executive officer. "He's helped strengthen our
financial foundation, which will serve his successor, our company and our
shareholders well for the long term." 

Added Maestri, "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. 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." 

Burns noted that the company has initiated an external search for a new CFO, and
that Maestri will be with Xerox through the end of February to help manage the
financial leadership transition. She added that the company remains on track to
meet its fourth-quarter guidance, which include GAAP earnings per share of 24 to
26 cents or adjusted earnings per share of 28 to 30 cents. Xerox will announce
its fourth-quarter and full-year 2012 earnings on January 24. 

About Xerox

With sales approaching $23 billion, Xerox (NYSE: XRX) is the world`s leading
enterprise for business process and document management. Its technology,
expertise and services enable workplaces - from small businesses to large global
enterprises - to simplify the way work gets done so they operate more
effectively and focus more on what matters most: their real business.
Headquartered in Norwalk, Conn., Xerox offers business process outsourcing and
IT outsourcing services, including data processing, healthcare solutions, HR
benefits management, finance support, transportation solutions, and customer
relationship management services for commercial and government organizations
worldwide. The company also provides extensive leading-edge document technology,
services, software and genuine Xerox supplies for graphic communication and
office printing environments of any size. The 140,000 people of Xerox serve
clients in more than 160 countries. For more information, visit, or For
investor information, visit 

Non- GAAP Measures:

This release refers to the non-GAAP financial measure adjusted EPS (earnings per
share). Fourth-quarter 2012 guidance excludes the amortization of intangible

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other countries.

Karen Arena, +1-203-849-5521

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