Bob Dykes will take the top financial job at the Sunnyvale, Calif., networking gearmaker next month. He'll replace Marcel Gani, who said last quarter that he would give up the finance chief post. Gani will become the company's chief of staff.
Dykes was the CFO at
until this week, when he was replaced by Tom Smach. In the past two years at Flextronics, Dykes sold $10.7 million worth of company stock. His most notable sales came in August 2003, when he reeled in $8.7 million just weeks before the company suffered a setback in court.
On Sept. 24, 2003, a California jury awarded medical-device maker
( BEC) $934 million in a contract dispute with Flextronics. Flextronics shares dropped on word of the decision and a subsequent credit downgrade before the company finally settled the matter for $23 million.
To be sure, Dykes was never accused of improperly timing the sale for personal gain. He didn't return a voice mail Tuesday seeking comment.
In any case, the selling will put Dykes in good company at Juniper, where executives such as chief Scott Kriens have been
selling regularly. Kriens sold another 500,000 shares in October, bringing his cash-out total for the year to $49.6 million. Kriens has earned $80 million via stock sales since he started unloading Juniper stock in November 2002.