Adaptec Promotes F. Grant Saviers to CEO; Succeeds John G. Adler, who will continue as Chairman.MILPITAS, Calif.--(BUSINESS WIRE)--July 10, 1995--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 ), a leader in input/output (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 ) technology, announced the promotion of F. Grant Saviers, 50, to president and chief executive officer today. "I'm delighted to report that the Board of Directors has named Grant to succeed me as 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 John G. Adler. "He has served admirably as president and COO for the past three years. During that time, the company has substantially broadened its technology base and has seen revenues grow over 200% to an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. run-rate of over half a billion dollars. Grant has demonstrated he has all the critical experience necessary to lead Adaptec and to maintain the company's role as an industry leader." Adler, 58, will continue to serve as an employee and an active member of the management team in his capacity as chairman of the board. Saviers has served as 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. of the company since August 1992. He has had responsibility for the company's business units, sales, operations, and advanced technology. Prior to joining Adaptec, he held several senior-level management positions over a 24 year career at Digital Equipment Corporation, including the vice presidency the office of vice president. See also: Vice of the company's personal computer systems and peripherals operation. In that role, he was responsible for seven product business units that contributed more than $2 billion annually to DEC's revenue. "I'm very pleased to have the opportunity to lead this exceptional company," noted Saviers. "With its strong management team, broad strategic focus, customer orientation and leadership technology, I am confident Adaptec will have a prosperous future." Saviers earned a bachelor's degree in engineering and a masters in computer science from Case Institute of Technology. He also attended Harvard University's Advanced Management Program. He serves as a director of Digital Products Inc., and the Computer Museum In Boston. He is also on the advisory board of the College of Engineering for 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 . Adaptec, Inc. (NASDAQ:ADPT), designs, manufacturers and markets IOware(R) solutions to eliminate performance bottlenecks between microcomputers, networks, and peripherals. Solutions range from simple connectivity products for single-user and small-office desktops, to intelligent subsystem, high performance SCSI SCSI in full Small Computer System Interface Once common standard for connecting peripheral devices (disks, modems, printers, etc.) to small and medium-sized computers. SCSI has given way to faster standards, such as Firewire and USB. , RAID and ATM products for enterprise-wide computing and networked environments. Adaptec I/O solutions are incorporated into the products of virtually all the major computer and peripheral manufacturers around the world. Founded in 1981 and headquartered in Milpitas, Calif., Adaptec is a recognized market leader in high-performance I/O technology. Adaptec currently employs approximately 1,800 people, and with its global distribution network, serves customers worldwide. Adaptec's World Wide Web home page address is http://www.adaptec.com. CONTACT: Adaptec Bruce Frymire, 408/957-4893 |
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