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Mike McNamara
CEO, Flextronics International
Age:
Years as a CEO:
Tenure: 0
Industry: Manufacturing & Industry
CEO DOSSIER
Mike is in charge of Flextronics International, an Electronics Manufacturing Services company that employs 200,000 people in 30 different countries. Mike is passionate about the company’s corporate culture, which extends around the world.
early years
Mike was educated at the University of Cincinnati where he received a bachelor's degree in Industrial Management. He also holds an MBA from Santa Clara University.
From April 1987 to May 1992, he served as a Principal of Pittiglio Rabin Todd & McGrath, a leading management consultant in the technology industry. After this employment he joined Anthem Electronics where he was Vice President of Manufacturing Operations. He would then go on to become CEO and President of Relevant Industries from May 1993 to March 1994.
However, Flextronics International bought Relevant Industries and Mike stayed on as Vice President of North American Operations. In January 2002 he became Chief Operating Officer and in January 2006 was selected to take charge of Flextronics International.
As ceo
In April 2006, American private equity company acquired Flextronics International's Indian business unit, which at the time was believed to be the country's largest leverage buy-out and technology investment. Reacting to the deal, in which Flextronics would retain a 15% stake in the business, Mike said, "This transaction is the continuation of our previously announced strategy of focusing our efforts and resources on the reacceleration of significant growth opportunities in our core EMS business."
The next year, Flextronics revealed it had bought US-based rival Solectron, a company that specialises in high-end telecoms and computer products, for $3.6bn. Mike said the move would enable Flextronics to grow and expand. “We have a very strong position right now,” he noted. “We have positive momentum so we are in a position to do something. We viewed Solectron as being very strong operationally with a strong customer base.”
However in early 2008, Lego said it would end its outsourcing agreement with Flextronics so it could focus on internal production. As Flextronics had previously manufactured the majority of Lego’s products, this announcement was obviously a blow to Mike and the company.
In January 2009, the economic downturn meant Flextronic's outlook fell short of investor expectations, with poor demand for cell phones also affecting the company’s forecast. Nevertheless, Mike said that controlling costs and ensuring Flextronics had enough cash to weather the financial storm were the management's top priorities.
Two months later, Mike was invited to ring the NASDAQ stock market opening bell to celebrity Flextronics’ 15th anniversary of being listed. Then in August, the company was chosen by LG Electronics to manufacturer a range of LCD televisions for distribution in North and South America.
After revamping its PC manufacturing unit, Mike said that Flextronics were hoping to double its revenue to $2bn in 2010 and would even reach $4bn by the end of 2011. "We think those numbers are going to come through and the PC industry is not growing 100% a year, so that's three years of 100% growth," he noted.
Mike also revealed that China's rising wage demands were affecting its cost advantage over other possible destinations for manufacturing. “As China moves up, up and up and up, for five straight years, it’s been moving up heading towards Mexican pricing,” he revealed. “Mexico’s been the same labour cost for the past five years, it hasn’t moved up at all.” Mike went on to add that Mexico's proximity and relationship with the US would be good for business and encourage green initiatives.
The same year Flextronics also formed partnerships with Brammo to manufacture plug-in electric motorcycles and Lenovo to provide European production for computer components.
In 2011 Flextronics fourth quarter and fiscal year results were positive and encouraging according to Mike. "In fiscal 2011 we achieved strong year-over-year growth that was broadly distributed across all of our market segments," he asserted. "Every segment grew double-digits and overall for the year our company delivered $4.6 billion in organic growth." Flextronics was also named the second largest global Electronics Manufacturing Services by revenue according to CircuitsAssembly.com.
The following year Flextronics announced that certain aspects of its Vista Point Technologies camera module business would be sold to Tessera Technologies. However Mike said at the time, "This move allows Flextronics to strengthen our position in power and manufacturing services for future growth."
In December it was revealed that Flextronics would acquire Motorola Mobility's manufacturing operations in Tianjin, China and assume the management of its Jaguariuna facility in Brazil. "We look forward to leveraging our extensive manufacturing expertise and supply chain solutions to provide Motorola Mobility with increased value," noted Mike.
Early in 2013, Mike said that the difference in labour costs between the US and Asia was narrowing but warned that an extensive return of manufacturing would be a "slow and evolving process." The main obstacles he outlined were taxes, healthcare expenses and regulatory costs. "In Asia, if I want to get something done, we just go and get it done," he asserted.
In own words
On efficiency:
“We are in the business of efficiency. Creative, relentless, eyes-wide-open efficiency, regardless of market conditions. What we make is value.”
Leadership and philosophy
According to Mike, "Culture is a company's only sustainable advantage," and believes that 'change' is a business objective. He firmly believes that all of Flextronics’ global facilities work towards the same goals and speak to same language.
He has also said, "In our world, there is no room for 'average.' It tells us something, somewhere can be done better."
Our Three Questions
1. What changes need to happen for the US to become the world’s major manufacturing force once again?
2. How does Flextronics differ from companies like Foxconn who have publicly been criticised for working conditions?
3. Will renewable energy, particularly solar panels, become a major part of Flextronics’ business going forward?
Date Written
08-03-2013Sources
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Videos
2015-01-145.43
Michael (Mike) M McNamara
Flextronics International
Flextronics International
Flextronics International CEO: Michael McNamara | Mad Money | CNBC
Latest News
Insider Selling Flextronics International CEO Michael M. Mcnamara Sells 281,212 Shares of Stock (FLEX)
Flextronics International (NASDAQFLEX) CEO Michael M. Mcnamara sold 281,212 shares of Flextronics International stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $12.55, for a total transaction of $3,529,210.60. read more...
2015-05-21 05:02:48
Insider Selling Flextronics International CEO Sells 52,122 Shares of Stock (FLEX)
Flextronics International (NASDAQFLEX) CEO Michael M. Mcnamara sold 52,122 shares of the company’s stock on the open market in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $12.57, for a total ... read more...
2015-05-21 03:58:22
Insider Selling Michael M. Mcnamara Sells 112,500 Shares of Flextronics International Stock (FLEX)
Flextronics International (NASDAQFLEX) CEO Michael M. Mcnamara sold 112,500 shares of the stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $12.56, for a total value of $1,413,000.00. Following the completion of ... read more...
2015-05-21 03:44:03
Northland Securities Reaffirms Outperform Rating for Flextronics International (FLEX)
In other Flextronics International news, CEO Michael M. Mcnamara sold 666,666 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $12.06, for a total transaction of $8,039,991.96. read more...
2015-05-19 12:43:18
Flextronics International (FLEX) – Investment Analysts’ Weekly Ratings Changes
In other Flextronics International news, CEO Michael M. Mcnamara sold 666,666 shares of the company’s stock on the open market in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $12.06, for a total value of $8,039,991.96. read more...
2015-05-19 10:27:18
NASDAQ Shares Sold by Insiders on May 14
Fei Company (NASDAQFEIC) – Wills Richard H sold 6,000 stocks at $76.02. Flextronics International Ltd (NASDAQFLEX) – Mcnamara Michael M sold 333,333 stocks at $12.10. Firstmerit Corp. (NASDAQFMER) – Brocklehurst N. James sold 5,000 stocks at $19.57. read more...
2015-05-15 09:41:56
Michael M. Mcnamara Sells 666,666 Shares of Flextronics International Stock (FLEX)
Flextronics International (NASDAQFLEX) CEO Michael M. Mcnamara sold 666,666 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $12.06, for a total value of $8,039,991.96. read more...
2015-05-14 13:25:01
Insider Selling Michael M. Mcnamara Sells 666,666 Shares of Flextronics International Stock (FLEX)
Flextronics International (NASDAQFLEX) CEO Michael M. Mcnamara sold 666,666 shares of the company’s stock on the open market in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $12.06, for a total value of $8,039,991.96. read more...
2015-05-14 00:24:46
Chief Executives Awarded More Cash Pay
Cash pay for Michael McNamara, CEO of electronics company Flextronics International Ltd. FLEX-0.08 %, more than doubled last year to $3.6 million, just over a quarter of his $13.4 million in total pay. A year earlier, cash made up about 16% of his $10 ... read more...
2015-04-21 21:44:45
Insider Trading News NASDAQ Shares Sold by Insiders Today
Dexcom (NASDAQ DXCM) – Gregg Terrance H sold 15,000 stocks at $67.56. Flextronics International Ltd (NASDAQ FLEX) – Mcnamara Michael M sold 369,294 stocks at $12.70. Amicus Therapeutics (NASDAQ FOLD) – Sblendorio Glenn sold 20,000 stocks at $12.50. read more...
2015-04-21 10:53:20
CEOs Awarded More Cash Pay
Cash pay for Michael McNamara, CEO of electronics company Flextronics International Ltd., more than doubled last year to $3.6 million, just over a quarter of his $13.4 million in total pay. A year earlier, cash made up about 16% of his $10 million total. read more...
2015-04-21 06:42:48
Michael M. Mcnamara Sells 369,294 Shares of Flextronics International Stock (FLEX)
Flextronics International (NASDAQFLEX) CEO Michael M. Mcnamara sold 369,294 shares of the company’s stock on the open market in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $12.70, for a total transaction of $ ... read more...
2015-04-18 00:55:36
Planned Sales at Flextronics Nearly Hits $31M
Flextronics International executives flexed some muscle and sold nearly $31 million in shares of the electronics manufacturing contractor through planned Rule 10b5-1 transactions. CEO Mike McNamara exercised options and sold 2,150,405 shares for $27,079,624. read more...
2015-04-17 22:10:58
Planned Sales at Flextronics Nearly Hits $31M
Flextronics International executives flexed some muscle and sold nearly $31 million in shares of the electronics manufacturing contractor through planned Rule 10b5-1 transactions. CEO Mike McNamara exercised options and sold 2,150,405 shares for $27,079,624. read more...
2015-04-17 22:10:58
Planned Sales at Flextronics Nearly Hits $31M
Flextronics International executives flexed some muscle and sold nearly $31 million in shares of the electronics manufacturing contractor through planned Rule 10b5-1 transactions. CEO Mike McNamara exercised options and sold 2,150,405 shares for $27,079,624. read more...
2015-04-17 00:56:47
Insider Selling Michael M. Mcnamara Sells 1,150,405 Shares of Flextronics International Stock (FLEX)
Flextronics International (NASDAQFLEX) CEO Michael M. Mcnamara sold 1,150,405 shares of Flextronics International stock in a transaction that occurred on Tuesday, April 14th. The stock was sold at an average price of $12.61, for a total value of $ ... read more...
2015-04-15 03:22:20
Insider Selling Michael M. Mcnamara Sells 1,150,405 Shares of Flextronics International Stock (FLEX)
Flextronics International (NASDAQFLEX) CEO Michael M. Mcnamara sold 1,150,405 shares of Flextronics International stock in a transaction that occurred on Tuesday, April 14th. The stock was sold at an average price of $12.61, for a total value of $ ... read more...
2015-04-15 03:15:10
Flextronics International CEO Michael M. Mcnamara Sells 1,150,405 Shares (FLEX)
Flextronics International (NASDAQFLEX) CEO Michael M. Mcnamara sold 1,150,405 shares of Flextronics International stock in a transaction that occurred on Tuesday, April 14th. The shares were sold at an average price of $12.61, for a total value of $ ... read more...
2015-04-15 00:59:10
Weekly CEO Sells Highlight Flextronics International Ltd, Standard Pacific Corp, HD Supply Holdings Inc, Goodrich Petroleum Corp.
CEO of Flextronics International Ltd (FLEX) Michael M Mcnamara sold 1,000,000 shares during the past week at an average price of $12.55. Flextronics International Ltd was incorporated in the Republic of Singapore in May 1990. Flextronics International Ltd ... read more...
2015-04-13 01:30:10
Flextronics International CEO Michael M. Mcnamara Sells 196,992 Shares (FLEX)
Flextronics International (NASDAQFLEX) CEO Michael M. Mcnamara sold 196,992 shares of Flextronics International stock in a transaction that occurred on Tuesday, April 7th. The shares were sold at an average price of $12.65, for a total value of $2,491,948.80. read more...
2015-04-10 03:21:06
Insider Selling Michael M. Mcnamara Sells 803,008 Shares of Flextronics International Stock (FLEX)
Flextronics International (NASDAQFLEX) CEO Michael M. Mcnamara sold 803,008 shares of the company’s stock on the open market in a transaction dated Monday, April 6th. The stock was sold at an average price of $12.55, for a total value of $10,077,750.40. read more...
2015-04-07 12:35:51
Flextronics International CEO Michael M. Mcnamara Sells 803,008 Shares (FLEX)
Flextronics International (NASDAQFLEX) CEO Michael M. Mcnamara sold 803,008 shares of the company’s stock on the open market in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $12.55, for a total value of $ ... read more...
2015-04-07 03:46:08
Flextronics International CEO Michael M. Mcnamara Sells 803,008 Shares (FLEX)
Flextronics International (NASDAQFLEX) CEO Michael M. Mcnamara sold 803,008 shares of the company’s stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $12.55, for a total transaction of $10,077,750.40. read more...
2015-04-07 03:10:20
Flextronics International Receives $14.03 Consensus Target Price from Brokerages (NASDAQFLEX)
In other Flextronics International news, CEO Michael M. Mcnamara sold 434,776 shares of Flextronics International stock on the open market in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $12.08, for a total ... read more...
2015-03-16 19:25:45
Flextronics International Lifted to Neutral at Goldman Sachs (FLEX)
In other Flextronics International news, CEO Michael M. Mcnamara sold 434,776 shares of the stock on the open market in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $12.08, for a total transaction of $5,252,094.08. read more...
2015-03-15 11:55:58
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Financials
Business summary
Employees: 159,000
Flextronics International Ltd. engages in the provision of design and manufacturing services to original equipment manufacturers worldwide. The company offers its services to a range of products in the telecom, mobile communication devices, electronics manufacturing computing, consumer electronics, industrial, semiconductor capital equipment, clean technology, aerospace and defense, white goods, automotive, and medical devices markets. It provides design and engineering services, including contract design, joint development manufacturing, and original design and manufacturing services that cover a range of technical competencies, which comprise system architecture, user interface and industrial design, mechanical engineering, enclosure systems, thermal and tooling design, electronic system design, reliability and failure analysis, and component level development engineering; and systems assembly and manufacturing services such as enclosures, testing, and materials procurement and inventory management services. The company also offers various component product solutions that include rigid and flexible printed circuit board fabrication, display and touch solutions, optomechatronics, and power supplies; after market supply chain logistics services; and reverse logistics and repair solutions, such as returns management, exchange programs, complex repair, asset recovery, recycling, and e-waste management services for consumer and midrange products, printers, PDA's, mobile phones, consumer medical devices, notebooks, PC's, set-top boxes, game consoles, and infrastructure products. Flextronics International Ltd. was founded in 1990 and is headquartered in Singapore.
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