Xerox CFO to Retire

Xerox Corporation announced Lawrence A. Zimmerman, vice chairman and chief financial officer, will retire as CFO next month.

Luca Maestri, current CFO of Nokia Siemens Networks, will succeed Zimmerman as Xerox's chief financial officer and an executive vice president of the corporation. Zimmerman will continue with the company as vice chairman until April 1. Maestri joins the company on Feb. 16.

"Larry Zimmerman retires at the very top of his game - a smart and strategic advisor and a highly skilled financial manager who has helped significantly transform our company into the successful technology and services enterprise we are today," said Ursula Burns, Xerox chairman and chief executive officer. "He is respected not only for his exceptional financial management but also as a trusted business partner."

Zimmerman, 68, joined Xerox as CFO in 2002 following a 31-year career with International Business Machines. During his tenure, he has been instrumental in leading a significant recapitalization of the company, earning investment grade credit rating, restructuring the balance sheet to generate billions of dollars in operating cash, delivering dividends to shareholders, and supporting the acquisitions of Global Imaging Systems and Affiliated Computer Services, which expanded Xerox's distribution and broadened its portfolio in business process and IT outsourcing.

"Larry made his mark on our business in many meaningful ways," added Burns. "His valuable contributions provide sustainable benefits for Xerox and for our stakeholders. And, they provide a strong foundation from which Luca can continue to build."