StorageTek refocuses strategy with key management changes

February 7, 2001

As part of a company-wide effort to refocus on its core competencies-tape automation, disk storage, and storage networking-StorageTek has made several changes to its executive management team. Gary Francis, formerly vice president of

As part of a company-wide effort to refocus on its core competencies-tape automation, disk storage, and storage networking-StorageTek has made several changes to its executive management team. Gary Francis, formerly vice president of corporate strategy, has been named vice president and general manager of the tape and tape automation unit. Roger Archibald, formerly vice president and general manager of the enterprise business group, will lead the disk storage unit as vice president and general manager. Chair, president, and CEO Patrick Martin will serve as interim general manager of the storage networking unit while the firm conducts an executive search for a new GM for that unit. The company's new strategy includes improving its time to market with new products and technologies, according to Martin.

These changes come as StorageTek emerges from a profitable year. The company reported earnings for fourth quarter 2000 (end-Dec. 29) of $30.8 million, or 30¢ per share, compared with a net loss of $25.8 million, or 10¢ per share, for the same period in 1999. Revenue declined approximately 3% from $622.6 million in fourth quarter 1999 to $601.4 million in fourth quarter 2000. The company's stock was trading at $12.75 per share at press time, 25% less than its 52 week high of $17 per share on Sept. 5, 2000.