CEO Mark Lucas to Leave Imation

Here is an abstract of a SEC filing published by Imation Corp.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On July 6, 2015, Mark Lucas, the CEO of Imation Corp., provided notice to the company claiming that his removal from the company’s board of directors on May 23, 2015 constitutes ‘Good Reason’ for the termination of his employment under the terms of his Amended and Restated Severance and Change in Control Agreement with the company dated November 24, 2014 and his performance award agreements with the company, and that he intends to terminate his employment at an unspecified date not earlier than September 21, 2015. The agreement provides that the company has 30 days from the receipt of the notice to cure the ‘Good Reason.’ Mr. Lucas and the company’s board of directors had commenced in January of this year a succession planning process for the position of CEO, which is continuing and is expected to conclude prior to Mr. Lucas’ termination of employment with the company. Mr. Lucas and the board of directors have been, and will continue to be, committed to furthering Imation’s strategic direction to focus on storage and Security, and to return to growth and ongoing profitability, including efforts to explore strategic alternatives.