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Maxtor CEO resigns to lead Solectron

Chief Executive Mike Cannon leaves the hard-drive maker to take up the post of CEO at manufacturing giant Solectron.

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.

"(Cannon) has positioned (Maxtor) 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," C.S. Park, chairman of Maxtor, said in a statement.

Acting CEO Tufano joined Maxtor in 1996 as chief financial officer and has been serving as COO since 2001. Cannon had been with Maxtor for six years.

Neither company returned calls for comment. Maxtor did not say when it would name a new CEO.

Solectron said in a statement that it will host a conference call Tuesday morning to discuss the announcement. However, the manufacturer said that COO Saeed Zohouri has left the company, and Zohouri's responsibilities will be passed to Cannon.