SAN JOSE -- Flex today announced that chief executive Mike McNamara will retire, effective Dec. 31.

The board has engaged a search firm to find a new CEO and will be considering both internal and external candidates. Michael Capellas, chairman, will actively assist the company's management with the transition.

"After 24 years at Flex and having had the privilege of serving the past 12 years as CEO, I believe now is the time for me to step back and allow new leadership to continue improving on what we have built," said McNamara. "It has been an amazing journey, as we built Flex into an incredibly powerful company that I am extremely proud of. I want to thank our employees, customers and suppliers for their support throughout this journey."

"On behalf of the board, the management team and our 200,000 Flex employees around the world, I would like to thank Mike for his dedication and leadership at Flex over the past 24 years," said Michael Capellas. "With his vision, he has built Flex into a $25 billion global leader. We will miss Mike's incredible passion for this business and we all wish him the very best in his retirement."

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