Xerox, a US$22bn global enterprise for business process and document management, has announced that Lawrence Zimmerman, vice chairman and chief financial officer (CFO), will retire as CFO in February 2011. Luca Maestri, current CFO of Nokia Siemens Networks, will succeed Zimmerman as Xerox’s CFO and an executive vice president of the corporation. Zimmerman will continue with the company as vice chairman until 1 April 2011; Maestri joins the company on 16 February.
Zimmerman joined Xerox as CFO in 2002 following a 31-year career with IBM. During his tenure, he has been instrumental in leading a significant recapitalisation 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.
Maestri joined Nokia Siemens Networks as CFO in 2008 following a 20-year career with General Motors. He has served as CFO of GM Europe and GM Brazil, and was executive-in-charge of the Fiat Alliance for GM Europe in Switzerland. Earlier in his career, Maestri held several executive finance positions in Europe and Asia-Pacific. He earned a bachelor’s degree in economics from Luiss University in Rome, and an MSc in management from Boston University.
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