Celestica Inc. (Toronto, Ontario, Canada), an electronics manufacturing services (EMS) provider, has announced that Eugene V. Polistuk, chairman and chief executive officer, has decided to retire, effective immediately.

Polistuk has led the company since its establishment in 1994, when Celestica was established as a standalone subsidiary of IBM. Onex Corp. acquired Celestica in 1996 and the company subsequently went public in 1998.

The Board of Directors understands and accepts Polistuk's decision to retire and appreciates the contribution he has made to Celestica's success.

"I believe the 'tech storm' is over and Celestica is very well positioned to share in the outsourcing trend that is gaining considerable momentum as end markets show positive signs of recovery," said Eugene Polistuk. "At this juncture, I feel it is time for me to pass the leadership of Celestica on to new and very capable hands so that I may re-focus my priorities on family and personal interests."

Robert L. Crandall, who has been a director of the company since 1998, has been appointed to the position of chairman of the board. The board has established a search committee to select a replacement for Polistuk. Candidates from both within and outside the company will be considered.

In the interim, Stephen W. Delaney has been appointed chief executive officer. Delaney has been with Celestica since 2001, most recently as president of Americas operations. Prior to joining Celestica, Delaney held executive and senior management roles in operations at Visteon Automotive Systems, AlliedSignal's electronic systems business, Ford's electronics division and IBM's telecommunications division.

J. Marvin MaGee will remain in his current position as president and chief operating officer, Anthony P. Puppi will continue as executive vice president and chief financial officer and R. Thomas Tropea will remain vice chair, worldwide marketing and business development.

The company also announced financial results for the fourth quarter and fiscal year ended Dec. 31, 2003. For the fourth quarter, revenue was $1,915 million, up 17% sequentially from the third quarter of this year. Net loss for the quarter was $165 million or ($0.80) per share, which includes a $106 million charge associated with the company's non-cash impairment of long-lived assets and previously announced restructuring activities. This compares to a net loss of $435 million or ($1.90) per share for the same period last year.

Adjusted net earnings was a loss of $4 million or ($0.04) per share, compared to earnings of $39 million or $0.15 per share for the same period last year. The results compare with the company's guidance for the fourth quarter, which was announced on Oct. 23, 2003, for revenue of $1.70 - $1.85 billion and adjusted net loss per share of ($0.01) to ($0.09).

For the fiscal year, revenue was $6,735 million compared to $8,272 million last year. Net loss was $266 million or ($1.22) per share up from a net loss of $445 million or ($1.98) per share in 2002. Adjusted net loss for 2003 was $7 million or ($0.11) per share compared to adjusted net earnings of $222 million or $0.87 per share last year.

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