Flex CEO Michael McNamara To Retire - Quick Facts

(RTTNews) - Flex (FLEX) announced that Michael McNamara, the company's CEO and a member of the Board, has decided to retire as Chief Executive Officer, effective December 31, 2018. The Board has engaged Heidrick & Struggles International, Inc. to conduct a search for a new Chief Executive Officer and will be considering both internal and external candidates.

Separately, the company announced Flex and NIKE have mutually agreed to wind-down the footwear manufacturing operations in Guadalajara by December 31, 2018. In connection with the wind-down of the operation, the company recognized $30 million of exit costs primarily related to an estimated impairment of fixed assets. The company may incur additional costs to complete the wind-down.