SAN JOSE, Calif., May 6, 2015 /PRNewswire/ -- Quantum Corp. (NYSE:
QTM) today announced that effective May 6,
2015, Jeffrey C. Smith has
resigned from Quantum's board of directors. Pursuant to the
agreement between Starboard Value LP and Quantum dated July 28, 2014, Starboard has exercised its
replacement rights to recommend that Robert
J. Andersen be appointed to the board. Andersen, who will
join the board as of May 6, currently
serves as the chief financial officer of Tessera Technologies Inc.,
a leading developer and licensor of semiconductor packaging and
interconnect solutions.
"I have enjoyed working with the management team and board of
Quantum, and I am proud of our accomplishments," commented Smith.
"Since joining the board in 2013, Quantum's financial results have
improved significantly, and its strategy has become increasingly
focused on optimizing the cash flow from the company's
long-standing tape products while further expanding its footprint
in the rapidly growing scale-out storage market. As a result, the
company is well-positioned to continue to drive profitable core
organic revenue growth. To be sure, there is still more to be
accomplished, and we believe that the current board, with the
addition of Robert Andersen, will be
well-suited to capitalize on the opportunities ahead. In
particular, we believe that Robert's extensive experience as a
senior executive at technology companies will be highly valuable to
Quantum as it continues in its execution and evolution."
"On behalf of our management team and board of directors, I want
to thank Jeff for his valuable service and contributions to Quantum
and its shareholders," said Jon
Gacek, president and CEO of Quantum. "He has been an
integral part of our recent accomplishments and has helped to put
the company on a path to long-term profitable growth and value
creation."
"The board has truly appreciated Jeff's constructive
involvement," said Paul Auvil,
chairman of the board of directors. "He has been a valuable
contributor to the board and provided a healthy and balanced focus
on the best interests of the company and its shareholders. We thank
him for his service and wish him well in his future endeavors. We
also look forward to working with Robert as we continue to position
Quantum to take advantage of opportunities to increase both growth
and profitability."
About Quantum
Quantum is a leading expert in scale-out storage, archive and
data protection, providing solutions for capturing, sharing and
preserving digital assets over the entire data lifecycle. From
small businesses to major enterprises, more than 100,000 customers
have trusted Quantum to address their most demanding data workflow
challenges. With Quantum, customers can Be Certain™ they have the
end-to-end storage foundation to maximize the value of their data
by making it accessible whenever and wherever needed, retaining it
indefinitely and reducing total cost and complexity. See how at
www.quantum.com/customerstories.
Quantum, the Quantum logo and Be Certain are either registered
trademarks or trademarks of Quantum Corporation and its affiliates
in the United States and/or other
countries. All other trademarks are the property of their
respective owners.
"Safe Harbor" Statement under the U.S. Private Securities
Litigation Reform Act of 1995: This press release contains
"forward-looking" statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Specifically, without
limitation, our statements that Quantum is well-positioned to
continue to drive profitable core organic revenue growth, that we
are well-suited to capitalize on the opportunities ahead, that
Robert's extensive experience as a senior executive at technology
companies will be highly valuable to Quantum as it continues in its
execution and evolution, that the company is on a path to long-term
profitable growth and value creation and that we are continuing to
position Quantum to take advantage of opportunities to increase
both growth and profitability are forward-looking statements within
the meaning of the Safe Harbor. All forward-looking statements in
this press release are based on information available to Quantum on
the date hereof. These statements involve known and unknown risks,
uncertainties and other factors that may cause Quantum's actual
results to differ materially from those implied by the
forward-looking statement. More detailed information about these
risk factors, and additional risk factors are set forth in
Quantum's periodic filings with the Securities and Exchange
Commission, including, but not limited to, those risks and
uncertainties listed in the section entitled "Risk Factors" in
Quantum's Annual Report on Form 10-K filed with the Securities and
Exchange Commission on June 6, 2014
and in Quantum's Quarterly Report on Form 10-Q filed with the
Securities and Exchange Commission on February 6, 2015. Quantum expressly disclaims any
obligation to update or alter its forward-looking statements,
whether as a result of new information, future events or
otherwise.
Contact:
Brad Cohen
Public
Relations
Quantum Corp.
(408)
944-4044
brad.cohen@quantum.com
Brinlea Johnson or Allise
Furlani
Investor
Relations
The Blueshirt Group
(212) 331-8424 or (212)
331-8433
brinlea@blueshirtgroup.com or
allise@blueshirtgroup.com
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SOURCE Quantum Corp.