SAN JOSE, Calif., Aug. 14, 2017 /PRNewswire/ -- Quantum Corp. (NYSE: QTM) today announced that its board of directors has unanimously elected current director Raghu Rau as chairman, succeeding Paul Auvil, who will remain on the board. In addition, the company announced that Gregg Powers has resigned from the board, effective immediately. Quantum's Corporate Governance and Nominating Committee is also being reconstituted and will now consist of Mr. Rau, Clifford Press and Alex Pinchev as its members.
Quantum also announced today that the company has signed a Letter of Intent to engage AlixPartners, a leading global business advisory firm that specializes in turnaround management consulting, to help Quantum identify and deliver financial improvements in the business.
"I am honored to be taking over the chairman role at this important point in Quantum's history," said Mr. Rau. "The newly reconstituted board is fully committed to acting with a sense of urgency to deliver value to our shareholders. I am very pleased that we have engaged AlixPartners, who will report directly to the board, to assist in the transformation of the business. The board and our senior management team will be working closely with the firm to aggressively pursue cost savings that will also enhance our ability to invest in growth initiatives."
Mr. Rau added, "I would like to thank Paul for his leadership at Quantum during his many years as chairman and look forward to continuing to work with him and the entire board as we implement a strategic plan to transform our business and deliver long-term value for all of our shareholders. I would also like to thank Gregg for his many significant contributions to Quantum during his tenure on the board and wish him all the best in his future endeavors."
Quantum is a leading expert in scale-out tiered 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. Quantum's end-to-end, tiered storage foundation enables customers 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.
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"Safe Harbor" Statement: This press release contains "forward-looking" statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Specifically, but without limitation, statements relating to the Company's intent to engage AlixPartners and the results expected from that engagement, 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 statements, including the risk that the parties do not ultimately enter into an engagement agreement or that the engagement does not lead to the expected results. More detailed information about Quantum's 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 1, 2017 and in Quantum's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 9, 2017. Quantum expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
SOURCE Quantum Corp.