FLEX , MSFT , HPQ ,,, Flextronics CEO to Step Down Next Year
Thursday May 12, 11:40 pm ET
Flextronics CEO Michael E. Marks to Step Down Next Year, Will Be Replaced by Michael McNamara
SAN JOSE, Calif. (AP) -- Michael E. Marks will step down early next year as chief executive of electronics manufacturing giant Flextronics International Ltd. He will be replaced by Michael McNamara, the company's chief operating officer. Marks told analysts in San Francisco on Thursday that he will become chairman of the company on Jan. 31, 2006.
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Flextronics makes electronic gear for a range of companies, including the Xbox game console for Microsoft Corp. and printers for Hewlett-Packard Co.
Marks, who joined the company in 1994, will replace Richard Sharp as chairman. Sharp will remain a member of the board.
Flextronics is based in Singapore but operates from San Jose.
Also Thursday, Flextronics said it has agreed to sell a majority stake in its Flextronics Network Services wholly-owned subsidiary with Telavie AS, a Norwegian company owned by Altor, a private equity firm that invests in the Nordic region. The subsidiary installs and maintains cell phone towers.
Under terms of the proposed deal, Flextronics would receive an undisclosed cash payment plus contingent payments and a 30 percent stake in the merged company. The companies did not disclose terms. The merged company would have about 10,000 employees in 18 countries and revenue of about $1 billion.
Flextronics also is selling its semiconductor unit, but has not disclosed a buyer.
The company expects to receive $550 million to $600 million total in the sales.
Flextronics shares fell 1 cent to close at $11.95 Thursday on the Nasdaq Stock Market, near its 52-week low of $10.06.
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