Feeds

Adaptec disappearing down rabbit hole

Steele Partners swallows it up

High performance access to file storage

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. ®

High performance access to file storage

More from The Register

next story
This time it's 'Personal': new Office 365 sub covers just two devices
Redmond also brings Office into Google's back yard
European Court of Justice rips up Data Retention Directive
Rules 'interfering' measure to be 'invalid'
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Cisco reps flog Whiptail's Invicta arrays against EMC and Pure
Storage reseller report reveals who's selling what
Bored with trading oil and gold? Why not flog some CLOUD servers?
Chicago Mercantile Exchange plans cloud spot exchange
Just what could be inside Dropbox's new 'Home For Life'?
Biz apps, messaging, photos, email, more storage – sorry, did you think there would be cake?
IT bods: How long does it take YOU to train up on new tech?
I'll leave my arrays to do the hard work, if you don't mind
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
HP ArcSight ESM solution helps Finansbank
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.