SINGAPORE-Electronics manufacturer Flextronics announced Chief Operating Officer Michael McNamara will helm the company following the retirement of its current chief executive officer next year. The news comes as Flextronics plans to merge its Network Services subsidiary with Telavie A/S, a company wholly owned by private equity firm Altor.
Flextronics is also looking to sell its Semiconductor Design business.
“The board of directors is very pleased to see Mike McNamara assume the CEO position,” said Richard Sharp, chairman of Flextronics’ board. “Mike has held senior management positions with the company for 11 years and has been an enormous contributor to the company’s success to date.”
Under the terms of the merger between Flextronics’ Network Services unit and Telavie, Flextronics will receive an undisclosed cash payment plus additional contingent payments along with a 30-percent ownership stake in the merged company.
