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Maxtor chief calls it quits

Executive holding three top slots resigns from ailing disk drive maker.

Disk drive maker Maxtor on Monday said Paul Tufano has resigned as chief executive officer, president and acting chief financial officer, and has resigned from its board of directors. The struggling company said C. S. Park has been appointed CEO, effective immediately. Park, 56, has been on Maxtor's board of directors since 1994, serving as chairman of the board since 1998. From 1995 to 1996, Park was president and CEO of Maxtor. He was most recently a managing director and investment partner at H&Q Asia Pacific.

Maxtor posted net losses in each of its last two quarters. Mark Miller, an industry analyst at investment firm Hoefer & Arnett, said the Maxtor board wanted a quicker return to profitability. But he said Tufano "was responsible for a number of positive moves" such as cost cutting efforts that should pay off next year.