Maxtor CEO resigns to lead Selectron

Hard drive maker Maxtor announced Monday that its chief executive, Mike Cannon, is stepping down to take over as CEO at manufacturing giant Solectron.

The resignation is effective immediately, according to the Milpitas, Calif.-based company. Paul Tufano, Maxtor's current chief operating and financial officer, has been named acting president and CEO. Cannon will remain as a member of Maxtor's board of directors.

In September 2002, Solectron stated in its earnings report that Koichi Nishimura would be leaving the CEO post now taken up by Cannon. The Milpitas, Calif.-based announced Monday it had elected William Hasler to succeed Nishimura as chairman of the board.

Cannon steered Maxtor through the acquisition of Quantum hard drive business in 2001, a move that helped to establish Maxtor as a leading hard drive company.

With the announcement Monday, Maxtor reiterated its recently updated financial guidance for the fourth quarter ended Dec. 28, 2002, which estimated pro forma net income of between $25 million and $35 million, or 10 cents to 14 cents per share.

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News source: C|Net

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