5/23/2003 - Adaptec, Inc. (NASDAQ: ADPT), the global leader in storage infrastructure solutions, announced that Kenneth Arola has been appointed interim chief financial officer. Arola has been with Adaptec for 12 years and has been serving as vice president and corporate controller, managing the company's financial operations and control systems. Arola holds a master's degree in business administration and finance from Santa Clara University.
David A. Young, Adaptec vice president and former CFO, will be leaving the company on May 30, 2003.
"We wish David well in his future endeavors," said Robert N. Stephens, Adaptec chief executive officer. "Adaptec has in place the financial base, balance sheet, and cash flows needed to achieve our strategic goals - increasing our customer base, deepening our OEM and channel relationships, and developing new markets for Adaptec's end-to-end storage solutions."
Adaptec Inc. (NASDAQ:ADPT) provides highly available storage access solutions that reliably move, manage and protect critical data and digital content. Adaptec's storage solutions are found in high-performance networks, servers, workstations and desktops from the world's leading manufacturers, and are sold through OEMs and distribution channels to ISPs, enterprises, medium and small businesses and consumers. Adaptec is an S&P SmallCap 600 Index member.
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