TMCnet News
Celestica profits drop 40 per cent as CEO Muhlhauser plans retirement(Canadian Press DataFile Via Acquire Media NewsEdge) TORONTO - Celestica Inc. (TSX:CLS) says its president and chief executive officer, Craig Muhlhauser, is planning his retirement as the company's third-quarter profits dropped 40 per cent. The Toronto-based electronics manufacturer says it will start the hunt immediately for a new leader among both internal and external candidates, while Muhlhauser plans to stay in the role until late 2015. The announcement came as Celestica, which provides global electronic manufacturing services to companies in several industry sectors, reported net earnings fell to $34.4 million in the quarter, a steep decline from $57.4 million in the comparable period last year. Revenues also weakened nearly five per cent to $1.49 billion from $1.42 billion. The company says the weaker results came from "demand softness" in its communications division, and that it expects the business environment to remain challenging in the near term. Celestica has operations in North America, Europe and Asia, specializing in the design, manufacture and assembly of electronics. Note to readers: This is a corrected story: A previous incorrectly reported profit had increased to $57.4 million instead of declining to $34.4 million © 2014 The Canadian Press. All rights reserved. |