HAVANT, United Kingdom, July 1, 2013 /PRNewswire/ -- Xyratex Ltd (Nasdaq: XRTX), a leading provider of data storage technology, today announced the appointment of Ken Traub to the Board of Directors. Following the Company's Annual Shareholders' Meeting on June 26th in New York City, Ken Traub was appointed as a Class III director of Xyratex Ltd. Mr. Traub has extensive experience as a senior executive, director and investor in public companies since earning an MBA from Harvard Business School in 1988. Jonathan Brooks, Chairman of Xyratex, said, "I am delighted that Ken Traub has joined the Board and look forward to his valuable contributions in the future."
Mr. Traub joins the Board following the Company's agreement in April 2013 with Baker Street Capital, whose Managing Member, Vadim Perelman, was re-elected to the Board as a Class I director at the Company's Annual Shareholders' Meeting.
"Since joining the board in March, I have spent a substantial amount of time working with senior management to analyze the Company's businesses, product development strategy and investments in the HPC/Big Data area. I am pleased to see that the core Storage Solutions and Capital Equipment businesses are stabilized and profitable, while ClusterStor represents a significant profitable growth opportunity for Xyratex. I have been impressed by the traction and momentum that the ClusterStor product line has established in the HPC/Big Data marketplace, evidenced by numerous major design wins, a growing number of satisfied customers and increasing market share," said Vadim Perelman, Director. "Financially, the company has made adjustments to ClusterStor operating expenses and the product line is approaching an inflection point where it is anticipated to contribute positively to Xyratex in Fiscal Year 2014 and to become a self-sustaining business unit going forward. I and the rest of the board unanimously support the continued investment in ClusterStor as we are confident that the business will provide the best next generation solutions to our customers' increasing storage requirements as well as deliver value to Xyratex shareholders."
"I look forward to working with Jonathan, the rest of the board and the executive team at Xyratex," said Ken Traub, Director, "I believe the company has some very valuable technology, a strong customer base, a world class engineering team that develops some of the best technology for our customers and a strong financial foundation. I believe these components will allow us to serve our customers in the best capacity available in the market."Safe Harbor Statement This press release contains forward–looking statements. These statements relate to future events or our future financial performance. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
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