Raghu Rau Chairman, Quantum

Quantum Corp. announced that its board of directors has unanimously elected current director Raghu Rau as chairman, succeeding Paul Auvil, who will remain on the board.

In addition, the company announced that Gregg Powers has resigned from the board, effective immediately.

Quantum’s Corporate Governance and Nominating Committee is also being reconstituted and will now consist of Rau, Clifford Press and Alex Pinchev as its members.

The company has signed a letter of intent to engage AlixPartners, LLP, a business advisory firm that specializes in turnaround management consulting, to help Quantum identify and deliver financial improvements in the business.

“I am honored to be taking over the chairman role at this important point in Quantum’s history,” said Rau. “The newly reconstituted board is fully committed to acting with a sense of urgency to deliver value to our shareholders. I am very pleased that we have engaged AlixPartners, who will report directly to the board, to assist in the transformation of the business. The board and our senior management team will be working closely with the firm to aggressively pursue cost savings that will also enhance our ability to invest in growth initiatives.”

He added: “I would like to thank Paul for his leadership at Quantum during his many years as chairman and look forward to continuing to work with him and the entire board as we implement a strategic plan to transform our business and deliver long-term value for all of our shareholders. I would also like to thank Gregg for his many significant contributions to Quantum during his tenure on the board and wish him all the best in his future endeavors.“