(By Balachander) Xerox Corp. (NYSE: XRX) said its finance chief Luca Maestri is leaving the company to assume the role of corporate controller at Apple Inc. (NASDAQ: AAPL).
The printer and copier company, which backed its fourth-quarter earnings outlook, said it has initiated an external search for a new CFO.
Maestri will be with the company till February 28 to help manage the financial leadership transition, Xerox said.
The company said it remains on target to meet its outlook for the fourth quarter, which include adjusted earnings per share of 28 cents to 30 cents.
[Related -Apple (AAPL) Stock Exhibiting Persistent Price Dynamics]
Wall Street analysts, on average, expect earnings of 29 cents a share for the three month period.
For the third quarter, the company reported a 12 percent drop in quarterly earnings amid ramping of new services and pressure on government contracts. Further, the company tightened its full year earnings forecast.
Xerox will report its fourth-quarter results on January 24.
The stock, which has been trading in the 52-week range of $6.10 to $8.84, traded 0.82 percent lower at $7.23 on Friday.