CFO at Sanmina-SCI calls it quits

sanmina_logo1Sanmina-SCI reported Tuesday to the SEC that its chief financial officer, David White, told the company Jan. 28 that he would be resigning. The exact data of his departure has yet to be set and White has agreed to continue “in a transitional capacity for a period of time not expected to exceed 30 days.”

The usual boilerplate applied: “Mr. White’s determination to resign was not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.”

We’ll reserve speculation on that matter until after details of his termination agreement are filed. White, who joined the company in July 2004, held options on 800,000 shares with strike prices ranging from $7.43 for 250,000 shares in an option granted in October 2004 to $1.98 for 300,000 shares in an option granted in November 2007. Sanmina-SCI stock closed Tuesday at 34 cents each.

Yesterday, Sanmina-SCI reported a “maximum exposure” of about $20 million related to accounts receivable from Nortel Networks, which filed for bankruptcy protection last month.

 

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