Newspaper article The Canadian Press

Celestica Profits Drop 40 per Cent as CEO Muhlhauser Plans Retirement

Newspaper article The Canadian Press

Celestica Profits Drop 40 per Cent as CEO Muhlhauser Plans Retirement

Article excerpt

Celestica says CEO to retire next year

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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 reports in U.S. dollars, said net earnings fell to US$34.4 million in the quarter, a steep decline from US$57.4 million in the comparable period last year.

On a per share basis, earnings were 19 cents compared with 31 cents in the same period last year.

The company, which provides global electronic manufacturing services to companies in several industry sectors, said revenues weakened nearly five per cent to $1.42 billion from $1.49 billion.

The weaker results came from "demand softness" in its communications division, Celestica said, adding that it expects the business environment to remain challenging in the near term. …

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