Change of guards at higher echelons of Maxtor

Maxtor Corporation announced that Paul Tuffano has left his positions as President, CEO and acting CFO, effective immediately. Paul has also resigned from the board of directors. Dr CS Park has been appointed CEO, effective immediately. 

Additionally, Charles M Boesenberg, CEO and Chairman of the board of NetIQ Corporation and a member of the Maxtor board since 2003, has been appointed as its lead director. The company is continuing its search for a CFO. 

"The board thanks Paul for significant contributions that he made during his eight years as a senior executive with Maxtor,"
said Park. "During his tenure, he was instrumental in growing the company from approximately $800 million in revenue in 1996 to over $4.0 billion in 2003, strengthening the balance sheet, and moving Maxtor forward into the emerging market for hard drives.” He also added that the executive team, with the support of employees, will work hard to return the company to profitability soon. 

Park, 56, has been on Maxtor's board of directors since 1994, serving as chairman of the board since 1998. He was most recently an MD and investment partner at H&Q Asia Pacific. Prior to that, he was chairman and CEO of Hynix Semiconductors. 

Park was President and CEO of Maxtor from 1995 to 1996. He was also chairman of MMC Technology, the disk media manufacturing subsidiary of Maxtor, till 2000.

CI NEWS BUREAU

MUMBAI