Imation Names Interim CEO
Imation, an Oakdale-based data storage company, named Bob Fernander as interim CEO on Wednesday.
The company has struggled in recent years with dwindling revenues, resulting in several board members, including CEO Mark Lucas and chairman L. White Matthews III, voted off and replaced by activist investors at New York-based Clinton Group. Lucas announced this summer that he would step down from the CEO role.
With Fernander now at the helm of the company, all three of the Clinton Group’s board replacements now wield significant power. Barry Kasoff was named the chief restructuring officer and Joseph De Perio is the non-executive chairman of the board.
“As an experienced professional with an established track record of building technology-based businesses, Bob is the right interim leader for Imation,” De Perio said in a statement.
During the same announcement, the company said it was acquiring Santa Clara, California-based Connected Data for about $7.5 million. Connected Data provides enterprise-level cloud storage and sharing services.
“Connected Data is a pioneering company and a significant acquisition for Imation that places us at the forefront of the one of the (sic) fastest growing and most important sectors of technology,” Fernander said in a statement.
The acquisition is in line with Imation’s latest attempt to turn itself around. In late September, the company announced it was dumping its legacy storage business and focusing on corporate storage and security services. At the same time, the company had a “mass layoff.”
Connected Data CEO Geoff Barrall is a member of Imation’s board. After the acquisition was announced, Imation named him chief technology officer.
The company did not specify if there is a search process or timeline for a permanent CEO. Additionally, a statement by the company noted that it planned to complete its restructuring by the beginning of 2016.