History 2004: Bruce Henderson CEO, Imation

Bill Monahan, 56, chairman and CEO of Imation, took his retirement a little sooner than expected.

He’d originally planned to depart at the end of 2004, but was effectively replaced on May 13 by Bruce Henderson, 54.

Looking at Henderson’s background, we can see no trace of any storage experience. He was CEO of Invensys Software Systems, then of Invensys Control Systems, and most recently of Edgecombe Holdings, companies with absolutely no bearing on lmation’s activities.

Recall that Monahan has been chairman and CEO of the storage media firm since the company was spun off from 3M in 1996.

That year, lmation’s sales were $2.3 billion, with a $20 million loss. For 2003, revenues were $1.2 billion with $82 million in net income.

This article is an abstract of news published on issue 197 on June 2004 from the former paper version of Computer Data Storage Newsletter.