Contract electronics manufacturer Flextronics International Ltd. (FLEX) said Friday that Chief Financial Officer Paul Read has decided to leave the company to pursue other opportunities. He will be succeeded as CFO by Chief Accounting Officer Christopher Collier.
The changes are effective immediately. However, Read will remain available for any necessary transitional activities through the end of the current quarter.
Mike McNamara, CEO of Flextronics said, "Paul has been a strong leader and valued contributor to Flextronics throughout his tenure here. I would like to personally thank him for his many years of service and the significant and positive impact he has had on the business. I, and the entire Flextronics team, appreciate his dedication and unquestioned integrity and wish him all the best in the future."
McNamara added, "Chris has been an instrumental leader in the company since 2000 and has been groomed for this position for many years. He has a long standing successful track record in leading the Accounting, Mergers and Acquisitions, and Corporate Finance functions for the Company."
Read has served as CFO and executive vice president for Flextronics since 2008. Previously, he served as the company's executive vice president of finance for worldwide operations.
Read's financial management and operations background includes increasingly important roles at Flextronics, where he has led many critical initiatives that include serving as the lead executive responsible for the integration of the Solectron acquisition. Prior to joining Flextronics, Read held various senior financial positions in the United Kingdom with Allied Steel and Wire, STI Telecommunications and Associated British Foods.
The incoming CFO, Collier, has served as an officer of the company since 2005 and as chief accounting officer since 2007. Collier joined Flextronics through the acquisition of The Dii Group, Inc., where he held the position of corporate controller. He previously worked for KPMG as an audit manager and is a certified public accountant.
Singapore-based Flextronics provides electronics manufacturing services to original equipment makers such as Dell Inc. (DELL), Hewlett-Packard Co. (HPQ), Microsoft Corp. (MSFT) and Cisco Systems Inc. (CSCO), among others.
In late April, Flextronics reported a loss for the fourth quarter, reflecting restructuring charges and a 17 percent decline in revenues. Weak economic conditions and poor order intake have been instrumental in Flextronics posting successive quarterly declines in revenue, and the company has been trying to cut employee costs in a bid to prop up margins.
In Friday's regular session, FLEX is trading at $6.78, down $0.05 or 0.73 percent on a volume of 865,730 shares.
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