SAN JOSE, Calif., May 31, 2017 /PRNewswire/ -- Quantum Corp. (NYSE: QTM) today announced that its board of directors has approved the appointment of Alex Pinchev to the board. Pinchev is a 35-year information technology industry veteran who has held senior executive positions at a range of companies, including Rackspace, Red Hat and Acronis. He is currently founder, CEO and angel investor at Capri Ventures LLC, a strategic advisory services firm for technology startups, and also has many years of public and private board service.
With Pinchev's appointment, the Quantum board is now fully reconstituted as provided for in the settlement agreement the company reached with VIEX Capital Advisors in early March. The new board is actively engaged in a strategic review, and the company expects to provide financial guidance for fiscal 2018 in its fiscal first quarter earnings announcement.
In addition to founding Capri Ventures in 2013, Pinchev most recently served for 14 months as executive vice president and then president of Global Sales and Marketing at Rackspace, a leader in managed cloud services. From 2012 to 2013, he was president and CEO of Acronis, a data protection and disaster recovery software company. Prior to that, Pinchev spent nine years at Red Hat, a leading provider of open source software, in senior roles that included executive vice president and president of Global Sales, Services and Field Marketing, president of International Operations and executive vice president of Worldwide Sales. Earlier in his career, he was founder and CEO of MainControl, a technology infrastructure management software company, and founder, president and CEO of Interchip GmbH, a provider of software development, marketing and integration services for large corporations in Central Europe.
"Alex's extensive experience will serve Quantum well as the company seeks to build on its strong performance and execution over the past year and drive increased shareholder value," said Paul Auvil, Quantum's chairman of the board. "The other directors, the Quantum management team and I look forward to what I'm sure will be his many contributions."
"We appreciate the constructive collaboration with Quantum throughout this process and are pleased that the reconstituted board is now in place," said Eric Singer, founder and managing member of VIEX. "The entire board has our strong support as Quantum looks to generate significant value for all Quantum shareholders by building on its industry leadership and market opportunities."
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. Quantum advises caution in reliance on forward-looking statements. Forward-looking statements include, without limitation, our statements regarding: i) our plan to provide financial guidance for fiscal 2018 in our fiscal first quarter earnings announcement; ii) Mr. Pinchev's extensive experience serving Quantum well as we seek to build on our strong performance and execution over the past year and drive increased shareholder value; iii) the many expected contributions of Mr. Pinchev; and iv) our focus on generating significant value for all Quantum shareholders by building on our industry leadership and market opportunities. All forward-looking statements 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 statement. Detailed information about these risk factors is 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 Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on February 2, 2017 and in Quantum's Form 10-K for FY 2017 to be filed with the Securities and Exchange Commission. 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.
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SOURCE Quantum Corp.