Adaptec CEO replaced by Steel Partners MD John Quicke
|December 22nd, 2009||
|Data solutions provider Adaptec, Inc. (NASDAQ: ADPT) has announced the appointment of John J. Quicke as Interim President and CEO of the company following the departure of Subramanian Sundaresh, who had served as CEO since November 2005 and President since May 2005. According to a company press release, Adaptec’s Board of Directors “has negotiated a consultant agreement with Mr. Sundaresh under which he will assist the company with the ongoing process to sell the Company’s operations.” Effective January 4 of next year, Mr. Quicke, who has been a director at Adaptec since December 2007 and is an operating partner and Managing Director of Steel Partners, will take over from Mr. Sundaresh to lead Adaptec. |
Steel Partners is a hedge fund manager that has been involved an extended activist battle with management Adaptec. The firm is currently ADPT’s largest institutional shareholder, controlling almost 20% of shares out.
Adaptec also announced in the press release that Blackstone Advisory Partners LP will remain the company’s “exclusive financial advisor to assist in the potential sale or other disposition of certain assets of the company and its business operations.” Adaptec further reported the resignation of Douglas E. Van Houweling after his seven years on the company’s Board of Directors.
Steel Partners was founded by CEO Warren G. Lichtenstein and Lawrence Butler in 1990. The firm manages hedge funds and investment pools, which include Steel Partners II, L.P. Steel Partners II Master Fund L.P. and WebFinancial L.P. The firm is based in New York with an additional office in Tokyo.
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