Quantum Corporation (NYSE:QTM) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On August14, 2017, Quantum announced certain changes to the Board of Directors (the “Board”). Effective August13, 2017, the Board appointed Raghavendra Rau as Chairman of the Board, succeeding Paul R. Auvil III as Chairman. Mr.Auvil remains on the Board.
Further, on August9, 2017, Gregg Powers submitted his resignation from the Board of Directors (the “Board”) of Quantum, effective immediately. Accordingly, Mr.Powers will not be standing for election to the Board at Quantum’s annual meeting of stockholders to be held on August23, 2017. There were no disagreements between Mr.Powers and the Company.
In connection with the above changes, the Board is also announcing the reconstitution of two of its committees. Effective August13, 2017, the Corporate Governance and Nominating Committee consists of Alex Pinchev, Clifford Press and Mr.Rau, and the Audit Committee consists of Mr.Auvil, Marc Rothman and Adalio Sanchez. The Leadership and Compensation Committee is unchanged.
A copy of Mr.Powers’ letter to the Board is attached hereto as Exhibit 99.1
Item 5.02. Financial Statements and Exhibits
(d) Exhibits
| 99.1 | Letter of Resignation of Gregg Powers, dated August9, 2017 |
QUANTUM CORP /DE/ ExhibitEX-99.1 2 d442999dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 [Private Capital Management Letterhead] August 9,…To view the full exhibit click here
About Quantum Corporation (NYSE:QTM)
Quantum Corporation focuses on scale-out storage, archive and data protection, providing solutions for capturing, sharing, managing and preserving digital assets over the entire data lifecycle. The Company’s end-to-end tiered storage solutions enable users to maximize the value of their data by making it accessible whenever and wherever needed, retaining it indefinitely and reducing total cost and complexity. It works with a network of distributors, value-added resellers (VARs), direct marketing resellers (DMRs), original equipment manufacturers (OEMs) and other suppliers to meet customers’ evolving needs. Its scale-out storage portfolio includes StorNext software, appliances and full systems called StorNext Pro Solutions, as well as Xcellis workflow storage, QXS disk storage, Lattus extended online storage and Q-Cloud Archive and Vault services. Its StorNext offerings enable customers to manage large unstructured data sets in an information workflow.