Xerox chief financial officer Luca Maestri will leave the company at the end of February to join Apple as the company's new corporate controller.
The printing and digital media giant said that the search for a new chief financial officer is under way, while Maestri remains with the company for the next month and a half to ease the transition.
Maestri joined Xerox in February 2011 after serving in the same role at Nokia Siemens Networks since 2008, reports Reuters.
Apple's new corporate controller will work under the company's own chief financial officer, Peter Oppenheimer, who oversees the company's "controller, treasury, investor relations, tax, information systems, internal audit and facilities functions," according to his Apple biography page.
He will replace Betsy Rafael, who retired from the company in October after serving around five years at Apple.
His new role will task Maestri with developing financial policies as well as tracking income and expenses. He will also assist the company in making investment decisions, which could result in him overseeing the Cupertino, Calif.-based technology giant continue its push for new technology acquisitions.
In a statement issued earlier today, Xerox chairman and chief executive Ursula Burns said: "Luca is a stellar finance executive whose contributions have brought great value to the transformation of Xerox into a services enterprise. He's helped strengthen our financial foundation, which will serve his successor, our company and our shareholders well for the long term."
Burns added that Xerox is still on track to meet its fourth quarter guidance of 24-26 cents per share. Xerox will announce its fourth quarter and 2012 fiscal year earnings on January 24.