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 (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. , 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 John Herbert Adler (born August 23, 1959) is an American Democratic Party politician, who has served in the New Jersey State Senate since 1992, where he represents the 6th Legislative District. , 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 San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , 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 (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.
Adam Trunkey, 408/957-6761
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