Maxtor Corporation (NYSE: MXO) today announced that Mike Cannon,
president and chief executive officer, has resigned to join Solectron
Corporation (NYSE: SLR), a $12 billion provider of electronic
manufacturing and supply chain management services, as its president and
chief executive officer, effective immediately. Paul Tufano, 49, chief
operating officer and chief financial officer, has been named acting
president and chief executive officer. Mr. Cannon, 50, will continue to
serve on Maxtor's Board of Directors. The company reiterates all of its
recently updated financial guidance for the fourth quarter ended December
28, 2002, including pro forma net income of between $25 and $35 million,
or 10 to 14 cents per share.
"In his six and a half years at Maxtor, Mike has made significant
contributions to the company, including the completion of the integration
of Quantum Corporation's hard disk drive business," said Dr. C.S. Park,
Chairman of the Board. "He has positioned the company well to achieve
its goal of sustained profitability and is leaving Maxtor in capable and
experienced hands. We are very pleased Mike will remain on our Board and
wish him well in his new endeavor."
"Our Maxtor Board is very pleased to appoint Paul Tufano as acting
president and chief executive officer. Paul joined Maxtor in 1996 as
chief financial officer and has worked closely with the executive team in
the formulation of the company's strategy and direction. Since 2001,
Paul has also served as the company's chief operating officer and has
successfully managed our worldwide operations, including manufacturing.
The Board will consider its options and will work as quickly as possible
to name a permanent president and CEO," Dr. Park continued.
About Maxtor
Maxtor Corporation (www.maxtor.com) is one of the world's leading
suppliers of information storage solutions. The company has an expansive
line of storage products for desktop computers, high-performance
Intel-based servers, and consumer electronics. Maxtor has a reputation as
a proven market leader built by consistently providing high-quality
products and service and support for its customers. Maxtor and its
products can be found at www.maxtor.com or by calling toll-free (800)
2-MAXTOR. Maxtor is traded on the NYSE under the MXO symbol.
Voor meer informatie:
Fleishman-Hillard Nederland
Remco Vogelzang
Tel: 0031 (0)20 346 08 80
info@fleishman.nl
Maxtor
Annie Bernard
Tel: 0033 (0)1 64 53 24 18
annie_bernard@maxtor.com