Adaptec Announces Departure of CFO Paul Hansen.MILPITAS, Calif.--(BUSINESS WIRE)--July 10, 1998--Adaptec, Inc. has announced today that Paul Hansen, corporate vice president, finance and chief financial officer, will be leaving the company at the end of July to become executive vice president, finance, and chief financial officer of TIBCO Software Tibco Software Inc. is a software company, with headquarters in Palo Alto, California. Tibco sells business process management and business integration software. History Vivek Ranadive founded the company as Teknekron Software Systems (TSS) in 1985. Inc., of Palo Alto, Calif. Grant Saviers, Adaptec's chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. said, "Paul, during the past 14 years, has made significant contributions to Adaptec's growth and success. We wish him well in this new endeavor. Adaptec has already undertaken a search for his successor as CFO See Chief Financial Officer. ." Paul Hansen commented, "I joined Adaptec when its annual revenues were $7 million and the workforce totaled 70. Last year revenues exceeded $1 billion and we now have 3,000 employees. This growth provided me with great opportunities to gain experience as a professional and to participate in creating a culture where the most talented have sought citizenship." About Adaptec Adaptec provides bandwidth management technologies for organizations building the global information infrastructure. Its high performance I/O (Input/Output) The transfer of data between the CPU and a peripheral device. Every transfer is an output from one device and an input to another. See PC input/output. I/O - Input/Output , 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 NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ADPT ADPT Automated Data Processing/Telecommunications ADPT Adaptec Corporation (stock symbol) ADPT Adaptive Prediction ADPT Auger Depth Profiling Technique ADPT Automated Data Processing Telecommunications ADPT Adapter ) employs people worldwide in design, manufacturing, sales, service and distribution. Adaptec's home page is http://www.adaptec.com.
CONTACT: Adaptec, Inc.
Bruce Frymire or Adam Trunkey, 408/945-8600
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