Business
Sanmina Announces its Co-Founder and Executive Chairman to Reassume Chairman and CEO Role
SAN JOSE, Calif., Aug. 17, 2020 /PRNewswire/ -- Sanmina Corporation (NASDAQ: SANM), today announced Hartmut Liebel its Chief Executive Officer (CEO) is
About this update from Sanmina Corporation
[{"type":"text","content":"SAN JOSE, Calif., Aug. 17, 2020 /PRNewswire/ -- Sanmina Corporation (NASDAQ: SANM), today announced Hartmut Liebel its Chief Executive Officer (CEO) is leaving the company, effective immediately. Jure Sola, the company's co-founder and Executive Chairman, has been appointed to reassume the Chairman and CEO position and lead Sanmina through its next strategic phase. \n\"On behalf of the independent members of the Board of Directors, I am pleased to have Jure reassume the Chairman and CEO role,\" stated Jackie Ward, Lead Independent Director. \"With the ongoing pandemic and uncertainty in the macroeconomic environment, we are confident that Jure's four decades of experience will be instrumental in the company's ongoing success,\" added Ms. Ward. \"We thank Hartmut for his leadership and support during his time at Sanmina and wish him well in his future endeavors.\" \n\"I have tremendous pride in this company and passion for making Sanmina even stronger in the midst of these unprecedented times,\" stated Jure Sola. \"We have a well-established and experienced leadership team and a solid foundation to drive long-term sustainable growth. Our ability to unlock untapped potential as we execute on our strategy coupled with our strong balance sheet will propel this exciting and innovative company into the next phase of its evolution, while providing long-term value to our shareholders, employee and customers.\"\nMaximizing Shareholder ValueTo align with Sanmina's vision of maximizing shareholder value, the company plans to organize into three segments – Integrated Manufacturing Solutions (IMS), SCI (defense products and system builds) and Components Technology (advanced interconnect technology and mechanical systems). This new structure will help unlock the total value of Sanmina and provide greater accountability of the organization. The company will provided further details on its fourth quarter earnings call. \nFourth Quarter Outlook The company is not providing an update to its stated outlook for the fiscal fourth quarter ending October 3, 2020 provided on July 29, 2020. \nSanmina Safe Harbor Statement The statements contained in this press release relating to the expected benefits of the company's plan to organize into three segments constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21...