Maxtor CEO Quits
Maxtor
(MXO)
shuffled its executive suite for the first time in a month Monday.
The company, which has had four chief financial officers this year, said CEO and acting Finance Chief Paul Tufano quit and resigned from the board. The disk-drive maker named its chairman, C.S. Park, chief executive and Charles Boesenberg lead director. Boesenberg is CEO at
NetIQ
(NTIQ)
.
Maxtor said the search for a full-time financial chief will continue.
Park, 56, has been on Maxtor's board of directors since 1994, serving as chairman since 1998. He was most recently a managing director and investment partner at H&Q Asia Pacific. Prior to that, he was chairman and chief executive officer of Hynix Semiconductor. Boesenberg has been on the Maxtor board since last year.
"The board thanks Paul for the significant contributions that he made during his eight years as a senior executive with Maxtor," said Park. "During his tenure, Paul was instrumental in growing the company from approximately $800 million in revenue in 1996 to over $4 billion in 2003, strengthening the balance sheet, and moving Maxtor forward into emerging markets for hard drives. We wish him well in his future endeavors."
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The disk-drive maker's latest full-time financial chief, Michael Bless, quit Oct. 15. He cited "personal reasons" after just two months on the job. Bless replaced had Theodore Hull, who had been acting CFO since Robert Edwards resigned from the position in March to join
Safeway
(SWY)
.
The news comes as Maxtor and archrivals
Western Digital
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and
Seagate Technology
(STX) - Get Seagate Technology Holdings PLC Report
endure yet another difficult year marked by price wars and falling shares.
