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Copying a new CFO’s contract at Xerox …

This morning, Xerox (XRX) reported an earnings decline thanks to restructuring, warned of worse-than-expected results for the coming year, and disclosed the departure of Lawrence Zimmerman, its chief financial officer of eight years. Together, the news has sent Xerox shares down 7% or so in pre-market trading.

But here at footnoted, we’re looking to the future — and more specifically, to the pay package Xerox is giving Luca Maestri, the incoming CFO poached from the same position at Nokia Siemens Networks. After all, past imbroglios at Xerox have shown just how critical the CFO’s job really is over there. (Refresher for those new to the scene: In 2002, the company paid what was at the time the biggest financial-fraud penalty ever to settle fraud charges with the SEC, largely over allegations that it juiced revenue by more than $3 billion and earnings by $1.5 billion over four years.)

In some ways, Maestri’s pay and benefits are a near carbon-copy of Zimmerman’s. He’s getting a base salary of $650,000 a year (Zimmerman got $714,000 in 2009 after several years on the job), a target bonus of the same amount (but with a maximum of $1.3 million, closer to the $1.07 million Zimmerman got in 2009), and a signing bonus of $1.9 million payable in nearly equal chunks this summer, in January 2012 and in January 2013. Perks include some of the usual suspects for corner-office types: $10,000 in financial planning, four weeks of vacation, and an executive physical (we always wonder how much more elaborate a physical can really get).

Maestri also will get the company’s standard relocation package, of unspecified value, that includes moving costs and expenses associated with selling his old home and buying a new one. We can’t help but wonder if Maestri will get another perk that Zimmerman enjoyed: Company paid travel costs “to and from his residences located outside of Connecticut,” to the tune of $115,000 in 2009, according to the company’s last proxy filing.

We haven’t seen Zimmerman’s exit package detailed, assuming he’s getting one. But given the sweet farewell that Anne Mulcahy got when she stepped down as chairman, which we footnoted in May, we’ll keep an eye out.

Image source: 1949 logo from Xerox website