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Former Maxtor CEO Michael Cannon Joins Solectron as President and CEO
January 7, 2003 |Estimated reading time: 1 minute
Milpitas, Calif. -- Solectron Corp. announces that Michael R. Cannon has been named president and chief executive officer, effective this Friday.
He succeeds Koichi Nishimura, who in September announced his intention to retire.
Cannon was also elected to the Solectron board. He joins Solectron from Maxtor Corp., where he was president, CEO and a director of a leading global supplier of hard disk drive storage products and solutions.
The board also elected William A. Hasler, the company's lead independent director, to succeed Nishimura as chairman of the board. Hasler, a Solectron director since 1998, is co-CEO of Aphton Corp., an international biotechnology firm.
In Cannon's six years at Maxtor, he led a significant increase in the company's revenues while diversifying its base of business. He also orchestrated the 2001 merger between Maxtor and Quantum Corporation's hard disk drive division, a move that established Maxtor as one of the world's largest hard disk drive manufacturers and a leading developer of storage solutions and technology. Maxtor, based in Milpitas, had sales of $2.7 billion in the first nine months of 2002.
Cannon was selected in a succession process led by a special committee of Solectron's board. The process included consideration of internal candidates and a nationwide candidate search.
In Nishimura's first year as CEO, Solectron had $97 million in sales and operated out of one site in California. In fiscal 2002, Solectron had $12.3 billion in sales and today serves global customers from facilities in more than 20 countries on five continents.
Solectron also announces that Saeed Zohouri, executive vice president and chief operating officer, has left the company. This change is part of the CEO transition process, and Zohouri's responsibilities will be handled by Cannon.
Solectron Corp. provides a full range of global manufacturing and supply-chain management services to the world's premier high-tech electronics companies. For more information, visit www.solectron.com.