back to article Imation now fully under activist investor's control

Imation's progress towards its uncertain future of big changes has taken another step forward, as an activist investor took the board chair after getting the CEO ejected from his directorship. The Clinton Group – disgusted with Imation's downward revenue spiral and deepening losses – instituted a proxy war, which saw CEO and …

  1. Fatman
    Happy

    To the Victor Belong the Spoils......

    <quote>De Perio, having engineered all this, thanked his victims the departing board members for their service: "On behalf of the Board and all our shareholders, I want to express our deep gratitude to Mark, Bill and Tony for their dedication and significant contributions to Imation over the years. Together with Barry as interim President, we look forward to continuing to take the necessary steps to position the Company for long-term profitable growth, and we wish Mark, Bill and Tony all the best in their future endeavors.”</quote>

    I guess it didn't matter much since the departing board members had been aware that their departure was in the cards.

    I recall a recent 'orchestrated' (by my employer) exit of a manglement team that had run newly purchased company into the ground; and were expecting the new owners (my employer) to allow them to continue to destroy shareholder value.

    They apparently were not aware that the 'sale transaction' didn't include the underlying corporate entity that was their employer; consequently allowing us the opportunity to pick and choose which employees to 'bring over'. Guess who didn't make the list??

    The expressions of shock and dismay on their faces as they were ungraciously """kicked in the ass""" by our CEO are PRICELESS.

  2. Mark 85

    Is it possible....

    that Imation's time has come and that it's headed for the corporate graveyard anyway but.... maybe not? There's something about when the investor sharks attacks... seems like they want to make sure it dies but gives them profit. OTOH, I've seen some companies turn around and come back stronger. Apple is good example of this. They should have been eaten alive decades ago but they came back. I do despise these so-called "activists" for destroying all that they behold,..

    1. jonathanb Silver badge

      Re: Is it possible....

      I remember the days when Imation were the market leader in floppy disks. Maybe they still are, but the last time I saw a floppy disk was when I was having a clear-out of old junk. When technology moves on, there is no reason why the leading company in the old technology should be anything special in the replacement technology, in fact, they almost certainly won't be.

  3. Anonymous Coward
    Anonymous Coward

    Basically Doomed

    Nexsan cannot survive under this team.

    It was doubtful under the previous team, - at least that had some ideas what they were doing.

    Cannot see any good coming from this outfit - they'll even find a way to sell the skeleton remains...

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