Adaptec Names John Quicke as Interim CEO
Dec 20, 2009 (Close-Up Media via COMTEX) --
Company: Adaptec, Inc. (ADPT)
Adaptec, Inc. announced that Subramanian "Sundi" Sundaresh, CEO since November 2005 and President since May 2005, will leave the employment of the Company effective January 4, 2010.
The Board of Directors has negotiated a consultant agreement with Sundaresh under which he will assist the company with the ongoing process to sell the company's operations.
The Board appointed, effective January 4, 2010, John J. Quicke to serve as Interim President and Chief Executive Officer of the company. He has served as a director of the company since December 2007. He is a Managing Director and operating partner of Steel Partners.
The company also announced that it has retained Blackstone Advisory Partners as its exclusive financial advisor to assist in the potential sale or other disposition of certain assets of the company and its business operations.
Adaptec is a provider of data center I/O solutions for the IT industry.
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Company: Adaptec, Inc. (ADPT)
Related terms: business, ceo, consultant, president, steel
