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Apple planned ahead for the inevitable hardware slump
It was inevitable but nonetheless concerning to investors: iPhone sales flattened out this quarter, part of an overall trend of weakness in the smartphone market, and Apple admitted that next quarter will see sales decline year over year for the first time. Yes, the company just reported record-breaking profit -- again -- but as the iPhone goes, so does Apple. As such, the company is forecasting its first revenue decline in years.
Apple taps Xerox's Luca Maestri as new corporate controller
Apple's adding a big name to the executive suites in March. Xerox Executive Vice President and CFO Luca Maestri has been named as the new corporate controller of Apple. Maestri will continue to work at Xerox through February 28 to "help manage the financial leadership transition." Maestri has been with Xerox for about two years, and was previously involved with finance positions at General Motors for over 20 years including stints as the CFO of GM Europe and GM Brazil. After that, he was the CFO of Nokia Siemens Networks. The corporate controller position at Apple reports to Senior Vice President and CFO Peter Oppenheimer, who previously had the job back in the 1990s. Maestri replaces former controller Betsy Rafael, and will establish financial policies and help the company make investment decisions.
