Singaporean contract electronics manufacturer Flextronics International (NASDAQ:FLEX) lost its chief financial officer today -- and immediately replaced him.
On Friday, Flextronics announced that CFO Paul Read has decided to leave the company "to pursue new opportunities." It immediately followed up this announcement with the revelation that Chief Accounting Officer Christopher Collier will replace Read as CFO effective immediately.
Collier will be paid a base salary of $550,000, and will be eligible for an annual bonus of up to 100% of salary, plus restricted share unit grants in an amount to be determined later.
Flextronics CEO Mike McNamara described Collier as "an instrumental leader in the company since 2000 [who] has been groomed for this position for many years." McNamara reassured investors that Collier "has a long standing successful track record in leading the Accounting, Mergers and Acquisitions, and Corporate Finance functions for the Company. His strong financial acumen, exceptional leadership and sharp strategic insight make Chris the natural successor for this role."
Investors appear satisfied. Flextronics shares closed the day up 1.6% at $6.94.