Celestica Inc. is a Canadian multinational

electronics manufacturing services Electronics Manufacturing Services (EMS) is a term used for companies that design, manufacture, test, distribute, and provide return/repair services for electronic components and assemblies for original equipment manufacturers (OEMs). The concept is ...

(EMS) company headquartered in

Toronto Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the anch ...

, Ontario.

History

Leadership

Celestica's President and CEO is Rob Mionis. Mionis took over leadership on 1 August 2015 after Craig Muhlhauser announced his retirement in October 2014.

Crash

In April 2001, the company announced it was laying off 3,000 people, about 10% of its workforce, due to the

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. Losses mounted and on 29 January 2004 the company announced that company CEO Polistuk would be retiring. In April 2004, Stephen Delaney took over as CEO in a temporary capacity.

Controversy

On 12 January 2007, a shareholder class action suit was filed in New York against Celestica and members of the company's executive team. The complaint alleged that the company made materially false and misleading statements about the business and failed to disclose adverse facts, namely: #that the Company was experiencing declining demand in its Mexican operations and that the division was carrying significant amounts of unneeded inventory which would have to be written off; #that the Company was experiencing declining demand in its Information Technology (IT) and Communications market segments as its larger customers scaled back purchases; and that the stock dropped when this information later became public. This class action suit was dismissed in 2010.http://classactionworld.com/Celestica,+Inc.+Class+Action+Litigation./saaoc/13320.html Celestica, Inc. Class Action Litigation.: Settled and/or Concluded Case

References

Notes

Bibliography

* David Einstein
"Top Tech Execs: Eugene Polistuk"
''Forbes'', 12 December 2000 * Robert McGarvey

''Upside'', February 2000 {{Authority control Companies listed on the New York Stock Exchange Companies listed on the Toronto Stock Exchange Electronics companies of Canada Manufacturing companies based in Toronto Canadian companies established in 1994 Electronics companies established in 1994 Multinational companies headquartered in Canada 1998 initial public offerings Onex Corporation