Xerox CFO Luca Maestri Joining Apple as Corporate Controller

Discussion in 'Mac Blog Discussion' started by MacRumors, Jan 11, 2013.

  1. macrumors bot

    MacRumors

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    Xerox today announced that Chief Financial Officer Luca Maestri is leaving the company to take the position of Corporate Controller at Apple. The move will be effective February 28.
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    At Apple, Maestri will succeed Betsy Rafael, who retired last October. Rafael had served as Corporate Controller and Principal Accounting Officer, and the role of Principal Accounting Officer shifted to Chief Financial Officer Peter Oppenheimer upon her retirement.

    Article Link: Xerox CFO Luca Maestri Joining Apple as Corporate Controller
     
  2. macrumors 6502a

    mankar4

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    CFO to controller? Must have been a nice compensation package.
     
  3. macrumors demi-god

    ChristianJapan

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    #3
    you beat me on that one ... was wondering too. But money and some other "sweats" makes it easier. And maybe with the outlook to become the next CFO ... :apple:
     
  4. macrumors 68030

    needfx

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    longofest

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    #5
    It's happening all over again... Apple taking from xerox... :p
     
  6. macrumors 6502a

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  7. KPOM, Jan 11, 2013
    Last edited: Jan 11, 2013

    macrumors G4

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    Peter Oppenheimer is only 50 according to the proxy that came out on Monday. That said, Tim Cook has yet to name a replacement COO, so it's possible Oppenheimer would make a lateral move within the C-level (assuming he's up to it - finance guys don't always make good operations people).

    That said, Apple is a much bigger organization, though. It could be a nice challenge. Oppenheimer's cash salary was $805,000 last year, up from $700,000 the year before. He also got a $1.6 million cash bonus, up from $700,000 the year before. However, the real prize was the $66.5 million stock award. He didn't get any in 2011, but got $28 million in 2010.

    I'd guess that the controller will probably get a salary and bonus in the $500K range each. The real money will come a bit later if he sticks around (in the form of restricted stock). The days of Apple having insane stock price growth are probably over, but they should still be a solid high margin company for some time.

    ----------

    The controller is the head accountant and usually reports up to the CFO. In most organizations the CFO manages both the corporate controller and the corporate treasurer. On a side note, with over $100 billion in cash and investments, Apple's treasury department is a behemoth of its own. It's the equivalent of a large bank.
     
  8. macrumors newbie

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    Well Xerox compensates their corporate employees very well (more the high executives than the engineers in the front line). With that said they're probably paying him more than $500k. Look at his salary of 2 years ago.
    http://www.forbes.com/profile/luca-maestri/

    Not bad for a company that's not currently leading in technology.

     
  9. macrumors G4

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    #9
    This is from Xerox's proxy last year:

    NEW HIRE COMPENSATION PACKAGE FOR LUCA MAESTRI

     
  10. macrumors 68000

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    bacaramac

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  12. macrumors regular

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    #12
    Judging by the picture:

    Overly-Attached CFO, anyone?
     
  13. macrumors 6502a

    mankar4

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  14. JAT
    macrumors 603

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    BUYing from Xerox.
    Sure. If your company has 12 employees.
     
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    alfistas

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    macs4nw

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    Yes, but can he copy his success at XEROX to APPLE? ;)
     
  17. macrumors 6502

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    For real, he's got a big forehead.
     
  18. BigBeast, Jan 11, 2013
    Last edited: Jan 11, 2013

    macrumors 6502a

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    Apple welcomes Maestri to the Apple family as Corporate Controller.

    Rumor has it that Maestri has already taken the lead for the Dundie Award in the "Most Creepiest Looking Dood" category, ahead of Craig Federighi and Dan Riccio- both by a large margin!

    Riccio however is still in the running for the "Bushiest Beaver" award. Riccio declined to comment, but sources close to Riccio contacted us under conditions of anonymity, stating that "Mr. Riccio was hoping to attain the tile of creepiest, but does in fact think he fits better in the "Bushiest Beaver" category, and will continue to stay Bushy."

    :D
     
  19. macrumors 68000

    Lancer

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    #19
    Maybe Apple wants back into the printer market?
     
  20. macrumors 65816

    designs216

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    #20
    You beat me to the punch. The way I was going to phrase it was, "Their intertwining histories have crossed again."
     
  21. macrumors 603

    Rocketman

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    There are likely to be some tumultuous changes in accounting and finance in the coming decade. You may recall Apple had a bit of a scandal over what constituted GAAP and was stating their figures in two different systems for a while. The changes being shoved down corporations and banks by the government this cycle requires considerable adjustments and will be unusually active in the accounting changes department. So this will be a challenging job at all C-suites.

    I can see why Apple's accounting lead would choose now to retire.

    Apple in particular has considerable assets to manage now so in addition to cash accounting of sales and production, the layer of inside and outside investments in capital, personnel and intellectual property is massively complex and large at Apple.

    Rocketman
     
  22. macrumors 6502

    Sixtafoua

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  23. macrumors member

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    The funny thing is, all these guys have Italian surnames – actually, Luca is an Italian first name, so I guess he must be originally Italian indeed?

    Bwt I'm Italian myself, glad to see we're taking over Apple lol :p
     
  24. macrumors 6502a

    albusseverus

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    Anybody know if Maestri thought the GUI was a good idea or not?

    Hope this isn't another completely clueless Cook hire.

    The retail debacle was Cook trying to do the Stores what he does to suppliers. (Apple doesn't pay suppliers until after the devices are sold. Who'd be a supplier?)

    Just waiting to see how this translates to financial control. More pandering to Wall St ?

    Mr Cook: Sure we'll pay dividends.
    Wall St: Thank-you. Take a catastrophic stock drop, so you'll do everything else we demand.

    Now that Wall St knows that Cook is their poodle, Apple's stock is sunk.
     

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