Maxtor's revolving door brings in new Prez and COO
They come, they go
Maxtor continued today its executive shuffle, naming a new president and COO just two days after its former president and CEO resigned.
Michael Wingert, former CEO of Cornice, has been tapped as Maxtor's new Prez and COO. He is taking over the president role from Paul Tufano who unexpectedly resigned earlier this week. Tufano was replaced in the CEO role by C.S. Park who is currently chairman of Maxtor as well.
Wingert held several executive positions at Maxtor over a ten year period before leaving to run Cornice. "We are very pleased that Mike is rejoining Maxtor in the president and chief operating officer roles," said Park.
Maxtor has been going through rough times - most notably suffering a $91m loss in its last quarter. The company expects to lose up to $55m in it current quarter as well. Along with the losses, Maxtor has seen three CFOs, including Tufano, leave the company this year, and it announced a large layoff.
Analysts have spent much of the week speculating that Tufano was forced out by the board. The directors may be looking for an executive that can help turn the company around at a quicker clip. ®