Hi Werner!
I don't know, but something is going on! Things are pretty bad when your
CEO just up and quits, er...I mean, chooses to pursue "other business
interests"...
You know it's strange, upper management people never quit or get fired.
They always choose "other business interests". I wonder why that is? Oh
well.
-Steve Gregory-
VvVvVvVvVvVvVvVvVvVvVvVvVvVvVvVvVvVvVvVvVvVvVvVvVvVvVvVvVvVvVvVvV
Celestica's Abrupt CEO Departure Raises Questions
Peter Kang, 11.28.06, 6:23 PM ET
Shares of Celestica closed Tuesday's trading session down 4.4% following
the abrupt departure of the electronics manufacturing company's chief
executive.
Toronto-based Celestica (nyse: CLS - news - people ) said Monday evening
CEO Stephen Delaney left the company to pursue "other business
interests," according to a release. President Craig Muhlhauser will
assume Delaney's duties effective immediately.
RBC Capital Markets said Tuesday the unexpected departure will likely
raise investors' eyebrows...
"We believe Mr. Delaney's exit was essentially due to Celestica's
inability to execute on increasing operating margins in the Mexican and
European operations," he said. "These regions had been a key initiative
for Mr. Delaney and we anticipate little progress to be reported next
quarter based on this new development."
For the fourth quarter, Celestica sees adjusted, per-share earnings of
15 cents-23 cents on revenue of $2.25 billion to $2.45 billion.
Wall Street had expected earnings of about 22 cents a share on revenue
of $2.4 billion.
Some analysts said the turnaround opportunity remains, but operational
challenges at its plant in Monterrey, Mexico, are delaying the recovery,
as is tepid demand in Europe.
``Rome wasn't built in a day, and work remains to do at Celestica,''
Genuity Capital's David Hodgson said in a note Friday. ``However, the
probability of incremental margin improvements over the coming quarters
is high, in our opinion.''
The Monterrey plant lost $7 million in the third quarter, about the same
as the second quarter. Celestica had expected the plant to break even in
the latest quarter. That isn't expected to happen until early 2007, the
company said on a conference call late Thursday.
-----Original Message-----
From: TechNet [mailto:[log in to unmask]] On Behalf Of Werner Engelmaier
Sent: Thursday, December 14, 2006 12:32 PM
To: [log in to unmask]
Subject: [TN] Celestica
Hi 'Netters,
anybody know what theproblems are that Celestics is having in their
plant in Monterrey, Mexico?
Werner
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