Xerox CFO Luca Maestri To Leave Company

Xerox (NYSE: XRX) today announced that Luca Maestri, executive vice president and chief financial officer, is leaving the company, effective February 28, to assume the role of corporate controller at Apple.

"Luca is a stellar finance executive whose contributions have brought great value to the transformation of Xerox into a services enterprise,” said Ursula Burns, Xerox chairman and chief executive officer. "He's helped strengthen our financial foundation, which will serve his successor, our company and our shareholders well for the long term."

Added Maestri, "I came to Xerox with a strong belief in its strategic direction and I leave with even greater confidence in the company's rich opportunity as a leader in outsourcing services and document technology. It's been an incredible learning experience to be part of this major business shift for such a respected brand. I'm proud of our progress, and I know Xerox is on very firm footing for sustainable success."

Burns noted that the company has initiated an external search for a new CFO, and that Maestri will be with Xerox through the end of February to help manage the financial leadership transition. She added that the company remains on track to meet its fourth-quarter guidance, which include GAAP earnings per share of 24 to 26 cents or adjusted earnings per share of 28 to 30 cents. Xerox will announce its fourth-quarter and full-year 2012 earnings on January 24.

About Xerox

With sales approaching $23 billion, Xerox (NYSE: XRX) is the world’s leading enterprise for business process and document management. Its technology, expertise and services enable workplaces – from small businesses to large global enterprises – to simplify the way work gets done so they operate more effectively and focus more on what matters most: their real business. Headquartered in Norwalk, Conn., Xerox offers business process outsourcing and IT outsourcing services, including data processing, healthcare solutions, HR benefits management, finance support, transportation solutions, and customer relationship management services for commercial and government organizations worldwide. The company also provides extensive leading-edge document technology, services, software and genuine Xerox supplies for graphic communication and office printing environments of any size. The 140,000 people of Xerox serve clients in more than 160 countries. For more information, visit http://www.xerox.com, http://news.xerox.com or http://www.realbusiness.com. For investor information, visit http://www.xerox.com/investor.

Non- GAAP Measures:

This release refers to the non-GAAP financial measure adjusted EPS (earnings per share). Fourth-quarter 2012 guidance excludes the amortization of intangible assets.

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