Feeds

Adaptec disappearing down rabbit hole

Steele Partners swallows it up

Maximizing your infrastructure through virtualization

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. ®

The Power of One eBook: Top reasons to choose HP BladeSystem

More from The Register

next story
Sysadmin Day 2014: Quick, there's still time to get the beers in
He walked over the broken glass, killed the thugs... and er... reconnected the cables*
Auntie remains MYSTIFIED by that weekend BBC iPlayer and website outage
Still doing 'forensics' on the caching layer – Beeb digi wonk
SHOCK and AWS: The fall of Amazon's deflationary cloud
Just as Jeff Bezos did to books and CDs, Amazon's rivals are now doing to it
BlackBerry: Toss the server, mate... BES is in the CLOUD now
BlackBerry Enterprise Services takes aim at SMEs - but there's a catch
The triumph of VVOL: Everyone's jumping into bed with VMware
'Bandwagon'? Yes, we're on it and so what, say big dogs
Carbon tax repeal won't see data centre operators cut prices
Rackspace says electricity isn't a major cost, Equinix promises 'no levy'
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Application security programs and practises
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Securing Web Applications Made Simple and Scalable
Learn how automated security testing can provide a simple and scalable way to protect your web applications.