Flextronics CFO Tom Smach will no longer be with Flextronics. It was announced he is leaving the company to pursue other interests. Flextronics appointed Paul Reed, a thirteen-year veteran to succeed Mr. Smach.
Mr. Smach served Flextronics for 13 years and became CFO in late 2004. During that period he made significant contributions to growth at Flextronics.
The internal move at Flextronics reveals some insight to the Company’s deep management bench. Previously, Mr. Reed served as executive vice president of finance for Flextronics and assumed the chief integration officer (CIO) role in the recent acquisition of Solectron resulting in a new Flextronics. Before joining Flextronics in 1995, Mr. Reed also served in various financial functions with Allied Steel and Wire, STI Telecommunications, and Associated British Foods.
Many believe Mr. Smach’s departure was a personal decision and do not expect any operational disruption given the new CFO is a known commodity within Flextronics with a strong Company background.
Investment bank Bear Stearns estimates Mr. Smach walked away from approximately $2.5M in unvested deferred compensation and stock grant as well as approximately 67,000 stock options with an average strike price of $11.32, although the investment firm reveals its estimates may be a little high considering it does not have immediate access to the Company’s forthcoming new proxy and some of Mr. Smach’s stock will vest May 1, 2008.
Source: VentureOutsource.com, Bear Stearns, May 2008
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