Adaptec Names CEO

President Sundi Sundaresh gets an added CEO post.
Author:
Publish date:

Adaptec

(ADPT) - Get Report

named its president, Sundi Sundaresh, to an added CEO post.

The Milpitas, Calif., storage company said its interim CEO, D. Scott Mercer, will return to his position on the board.

"I have thoroughly enjoyed working with Sundi as we've implemented several key initiatives to fix Adaptec's execution and operational issues," said Mercer. "Sundi has demonstrated solid leadership in making some aggressive and strategic changes at Adaptec. I believe that our improved operating results for Q2 are a clear indication that Sundi has what it takes to bring the company back to a position where it is delivering shareholder value."

"The Board is extremely pleased with the direction that Sundi is leading Adaptec, as well as the changes he is making in the company's operational model," said Chairman Carl J. Conti. "We are confident that under Sundi's leadership, Adaptec will be able to continue making consistent progress in its recovery."

On Monday, shares of Adaptec rose a penny to $4.60.