Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : The New QLogic (ANCR) -- Ignore unavailable to you. Want to Upgrade?

To: George Dawson who wrote (17530)	7/31/1998 9:03:00 AM
From: trendmastr	Read Replies (1) \| Respond to of 29386

George: Yet another CEO of a company that isn't performing bites the dust. I guess Adaptec won't be buying ANCR anytime soon. If ANCR's board wasn't so crony packed we'd probably see the same action at ANCR. Adaptec CEO and Chairman Saviers Resigns; Company Founder Larry Boucher Appointed Interim CEO MILPITAS, Calif.--(BUSINESS WIRE)--July 30, 1998--Adaptec, Inc. today announced the resignation of Grant Saviers, 54, Chairman of the Board and CEO, effective immediately. The Board of Directors has appointed company founder Larry Boucher, 55, as interim CEO. A search for his replacement will begin immediately. In addition, John Adler, 61, former Adaptec chairman and CEO, has been named to the Board. Grant Saviers commented, "I came to an agreement with the Board that it was time for a change in the leadership of the company. Adaptec has an abundance of talent, technology and a strong balance sheet. I'm confident the company can prosper in the future." Interim CEO Larry Boucher commented, "Adaptec has grown more than 400% since Grant joined as president in 1992. We thank him for his many contributions." Boucher is currently president and CEO of Alacritech. While Boucher is interim CEO of Adaptec, he will continue his involvement with Alacritech, Inc., another company he founded. Alacritech, headquartered in San Jose, Calif., is a developer of advanced networking products. Last year Adaptec signed a technology licensing agreement with Alacritech. About Adaptec Adaptec provides bandwidth management technologies for organizations building the global information infrastructure. Its high performance I/O, connectivity, and network products are incorporated into the systems and products of major computer and peripheral manufacturers. Founded in 1981 and headquartered in Milpitas, Calif., Adaptec (NASDAQ:ADPT) employs people worldwide in design, manufacturing, sales, service and distribution. Adaptec's home page is adaptec.com. CONTACT: Adaptec, Inc. Adam Trunkey, 408/957-6761