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Maxtor CEO Bolts

Maxtor Corp. (NYSE: MXO) has lost another CFO -- but this time he also happened to be the CEO of the struggling disk-drive manufacturer.

The company announced Monday that Paul Tufano has stepped down as CEO, president, and acting CFO -- the last job one he assumed after two CFOs left in sequence earlier this year.

On Wednesday, Maxtor released news that Michael J. Wingert is its new president and COO (see Maxtor Names President). Wingert worked for ten years at Maxtor and was most recently executive VP and general manager of the Server Products Group there. He left the company in June 2004 to become COO of Cornice, a maker of compact storage devices for consumer electronics. Wingert was promoted to CEO of Cornice in September, but apparently has decided to return to his roots after just four months away.

Though Wingert will be president of Maxtor, he won't be CEO. That post is now held by C. S. Park, who was Maxtors president and CEO in 1995 and 1996 and has been on Maxtor’s board since 1994. Wingert will report to Park. Tufano had been Maxtor's CEO since 2003. The board continues to search for a CFO.

No reason was given for Tufano's departure, but financial analysts suspect he was pushed by the board after a series of snafus. The company lost $90.6 million last quarter and forecast losses of $45 million to $55 million this quarter (see Maxtor's Stuck in the Mud). Then, there were the CFO boltings, a large layoff, and embarrassing product problems earlier this year.

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