Business process and document management company
Xerox Corp
. (
XRX
) 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
). 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
) carries a Zacks Rank #3 (Hold).
APPLE INC (AAPL): Free Stock Analysis Report
CANON INC ADR (CAJ): Free Stock Analysis
Report
XEROX CORP (XRX): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment
Research
