TORONTO -- SMTC has named Larry Silber interim president and CEO and Clarke Bailey executive chairman, the latest in a series of moves that has seen the EMS company's management structure overhauled.

The electronics manufacturing services provider said co-CEOs Alex Walker and Claude Germain are leaving by mutual agreement to pursue their Rouge River Capital merchant banking business on a full-time basis.

Silber joined SMTC's board as a director in 2012 and recently served as COO of Hayward Industries, a privately held equipment manufacturing company with annual revenue of over $500 million. He is the former chairman of Ingersoll Rand Canada.

Bailey has been an SMTC director since 2011, and is chairman and CEO of EDCI Holdings.

Bailey will lead the search committee's efforts to identify and appoint a permanent CEO at SMTC.

In a statement, Bailey said, "Alex and Claude stabilized the business during a very challenging period for SMTC and we thank them for their contributions the past two years. We wish them the best going forward."

After a stellar 2012, SMTC, which is heavily reliant on one large customer which made up 36% of its 2012 revenue, saw sales dip 10% in the March quarter. Executive vice president-operations Paul Blom resigned on April 29, with no reason provided.

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