Feeds

Adaptec disappearing down rabbit hole

Steele Partners swallows it up

Internet Security Threat Report 2014

The remnants of adapter company Adaptec, having sold its RAID adapter business to PMC-Sierra, is leaving storage further behind as it becomes a Steele Partners shell for financial operations.

Chief financial officer Mary Dotz is to be terminated from her position on 30 September. She'll probably get nine months' salary, a near $170,000 bonus and $5,000 outplacement services.

Steele Partners, the activist investor group which took over Adaptec, has increased its shareholding, spending a reported $5.9m on another 1.942 million shares a day or so ago and $6.62m on 2.24 million shares previously this month. It now owns 20.9 per cent of Adaptec's common stock while Adaptec has shrunk in operational terms.

Adaptec is changing its name to the vague ADPT Corporation and will focus on "capital redeployment and identification of new business operations". Adaptec as the storage company we knew is pretty much gone. ®

Internet Security Threat Report 2014

More from The Register

next story
Cray-cray Met Office spaffs £97m on VERY AVERAGE HPC box
Only 250th most powerful in the world? Bring back Michael Fish
UK.gov pushes for SWIFT ACTION against nuisance calls, threatens £500k fines
DCMS seeks lowering of legal threshold to fight rogue firms
Just don't blame Bono! Apple iTunes music sales PLUMMET
Cupertino revenue hit by cheapo downloads, says report
The DRUGSTORES DON'T WORK, CVS makes IT WORSE ... for Apple Pay
Goog Wallet apparently also spurned in NFC lockdown
Microsoft brings the CLOUD that GOES ON FOREVER
Sky's the limit with unrestricted space in the cloud
'ANYTHING BUT STABLE' Netflix suffers BIG Europe-wide outage
Friday night LIVE? Nope. The only thing streaming are tears down my face
Google roolz! Nest buys Revolv, KILLS new sales of home hub
Take my temperature, I'm feeling a little bit dizzy
prev story

Whitepapers

Cloud and hybrid-cloud data protection for VMware
Learn how quick and easy it is to configure backups and perform restores for VMware environments.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
How to simplify SSL certificate management
Simple steps to take control of SSL certificates across the enterprise, and recommendations centralizing certificate management throughout their lifecycle.