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Steel Partners Wins Adaptec Shareholder Consents
This is a Press Release edited by StorageNewsletter.com on Wed, November 4th, 2009
For the removal of Sundi Sundaresh and Robert Loarie from the board
Steel Partners II, L.P. has received the requisite number of written consents from stockholders of Adaptec, Inc. to pass all proposals it made under its Consent Solicitation.
S. "Sundi" Sundaresh,
president and CEO of Adaptec
since May 2005
Steel Partners’ proposals included the removal of Sundi Sundaresh and Robert J. Loarie from the Board of Directors of Adaptec and the reduction of the number of Board members to 7 from 9.
Steel Partners delivered consents by stockholders owning more than 50% of the Company’s outstanding shares for the removal of Mr. Sundaresh and Mr. Loarie, respectively, from the Board. All proposals approved by the stockholders took effect upon Steel Partners’ delivery of the consents to the Company on October 30, 2009.
“This strong display of shareholder support validates our belief that it is time for accountability and change at Adaptec,” stated Warren Lichtenstein of Steel Partners. “Going forward, the Board’s independence assures that its interests are aligned with the interests of the Company’s shareholders and stakeholders.”
president and CEO of Adaptec
since May 2005
Steel Partners’ proposals included the removal of Sundi Sundaresh and Robert J. Loarie from the Board of Directors of Adaptec and the reduction of the number of Board members to 7 from 9.
Steel Partners delivered consents by stockholders owning more than 50% of the Company’s outstanding shares for the removal of Mr. Sundaresh and Mr. Loarie, respectively, from the Board. All proposals approved by the stockholders took effect upon Steel Partners’ delivery of the consents to the Company on October 30, 2009.
“This strong display of shareholder support validates our belief that it is time for accountability and change at Adaptec,” stated Warren Lichtenstein of Steel Partners. “Going forward, the Board’s independence assures that its interests are aligned with the interests of the Company’s shareholders and stakeholders.”
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