Adaptec Names Bob Stephens CEO; Appoints Larry Boucher Chairman of the Board.MILPITAS, Calif.--(BUSINESS WIRE)--April 6, 1999--Adaptec, Inc. (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 ) today announced that Bob Stephens, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , was named chief executive officer. He will remain president of the company. Larry Boucher, interim chief executive officer and company founder, has been appointed chairman of the board. Boucher has served as interim 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. since July 1998. "Bob Stephens was critical to achieving our phenomenal turnaround this fiscal year," said Larry Boucher. "His ability to execute the corporate strategy and return us to profitable growth made naming him CEO a natural decision. I am honored to remain a part of the Adaptec team and to play an integral role in the company's vision and future." "I am confident in the future of Adaptec," said Bob Stephens. "Our team is solid, and our product roadmap puts our customers at the leading edge. As we move into our new fiscal year and beyond, we are enhancing our position as the industry's 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 leader and are committed to creating long-term profitable growth." Adaptec provides host bus adapters, RAID, and software products used in servers, high-performance computers that power the Internet, collaborative computing, e-business, and a myriad of data-intensive, mission-critical applications. The rise of these applications and the subsequent rise in server demand, increase demand for Adaptec's products, which provide the vital link between servers and data storage devices. Adaptec's I/O focus, divestitures of non-core businesses during the last six months, and expense management have brought the company back to fiscal health. Revenue for the company's third fiscal 1999 quarter (ended December 31, 1998) was $183.9 million. Net income and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $26.7 million and $0.24, respectively. About Bob Stephens Bob Stephens began his career at IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) and held various management positions there and at Western Digital. He later joined Emulex Corporation as president and CEO, and then founded and was CEO of Power I/O, which was acquired by Adaptec in 1995, when he was named chief operating officer of Adaptec. In October 1998, he was named president of Adaptec. In January 1999, he joined Adaptec's board of directors. Mr. Stephens holds a master's degree in industrial psychology from San Jose State University. About Larry Boucher Larry Boucher began his technology career at IBM and went on to create the SCSI interface while at Shugart Associates in the late 1970s. He founded Adaptec in 1981, served as the company's first CEO for six years, and took the company public in 1986. He has been a member of the Adaptec board of directors since the company's inception. In 1987, he founded Auspex aus·pex n. pl. aus·pi·ces An augur of ancient Rome, especially one who interpreted omens derived from the observation of birds. [Latin; see auspice.] Noun 1. Systems and served as CEO until 1995. In 1996, he founded networking start-up Alacritech. Mr. Boucher came back to Adaptec in July 1998 as interim CEO. He received an MSEE MSEE Master of Science in Electrical Engineering MSEE Mean Square Estimation Error MSEE Major Source Enforcement Effort MSEE Materials Science and Electrical Engineering (Purdue University building) from the University of California, Berkeley The University of California, Berkeley is a public research university located in Berkeley, California, United States. Commonly referred to as UC Berkeley, Berkeley and Cal , and an MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration from San Jose State University. Safe Harbor Statement The statement in this press release regarding the company's belief that it is positioned for long-term profitable growth is a forward-looking statement that is subject to risks and uncertainties. Actual results could differ materially for various reasons, including failure of the market for the company's products to grow at the rates anticipated by the company, actions by competitors that increase their market shares at the expense of the company, including the introduction of new, more competitive products and the development and commercialization of competing technologies, and the inability of the company to continue to control its costs. For a more detailed discussion of the factors that affect the company's operating results, interested parties should review the company's SEC reports, including Adaptec's Annual Report on Form 10-K for the fiscal year ended March 31, 1998, and Quarterly Reports on Form 10-Q for the quarter ended December 31, 1998. About Adaptec Adaptec moves the world's information with host bus adapter, RAID, and software products that speed data to and from computers, peripherals, and networks. Founded in 1981 and with headquarters in Milpitas, Calif., Adaptec is a global design, manufacturing, sales, service and distribution company. More information on Adaptec and its products is available at http://www.adaptec.com. |
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