Solectron Hires Finance Chief

Solectron (SLR Quote - Cramer on SLR - Stock Picks) named Paul J. Tufano chief financial officer.

Tufano was finance chief at Maxtor (MXO Quote - Cramer on MXO - Stock Picks) from 1996 to 2003 and CEO through November of 2004. He will replace interim CFO Warren Ligan.

"With more than 25 years of both financial and general management experience, Paul is a seasoned executive who brings tremendous talent and a depth of knowledge of our industry that will prove valuable as Solectron manages its future growth," said CEO Mike Cannon. "He shares my vision of strengthening our value to the investment community through a combination of strategic growth and a consistent focus on profitability. Having worked with Paul before, I feel very fortunate to have him as part of our management team."

On Tuesday, Solectron shares rose 7 cents to $3.79.