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SAN JOSE -- Flextronics has entered into an employment agreement with chief executive Michael Marks, who becomes chairman in January, according to a filing with the Securities and Exchange Commission Wednesday.

Marks will continue to serve as CEO until Jan. 31, 2006, or an earlier date mutually agreed upon. He will serve as chairman until at least July 1, 2009. He will be paid his current salary rate until July 1, 2007, and then a salary of $5,000 a month until the termination date.

The company said in May that COO Michael McNamara will become CEO in January.

Marks is generally credited for the vision that turned Singapore-based Flextronics from a struggling EMS concern into the world's largest contract electronics manufacturer.

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