Dell Inc. (NASDAQ: DELL) hired Solectron Corp. (NYSE: SLR) President and CEO Michael Cannon on Thursday for the newly created position of president of global operations. The appointment is effective immediately.

Solectron Corp., an electronics manufacturer, had announced Cannon's departure to another company late Wednesday. Cannon will be in charge of a global organization that will combine all of Dell's manufacturing, procurement and supply chain activities. The company is in the midst of a turnaround headed by Chairman and CEO Michael Dell.

Meanwhile, one analyst expressed concern about Solectron's direction.

The timing of Cannon's resignation will likely raise investor concerns especially since a new CEO could reevaluate current strategies, Merrill Lynch analyst Steven B. Fox said in a research note on Thursday.

Thus, the transition to a new CEO raises a risk that the company takes one step back before it takes two steps forward.

Solectron has named CFO Paul Tufano as the interim CEO while it searches for Cannon's replacement.

Fox maintains a sell rating on the company.

Shares of Solectron fell 0.3 percent, or 1 cent, to $3.37 in Thursday trading on the New York Stock Exchange. Shares of Dell rose 2.26 percent, or 54 cents, to $24.44 on the Nasdaq Stock Market.

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