NEW YORK, June 6, 2016 /PRNewswire/ -- VIEX Capital
Advisors, LLC, together with its affiliates (collectively, "VIEX")
the largest stockholder of Quantum Corporation (NYSE: QTM),
announced today that it has nominated five highly-qualified,
independent candidates for election to the Quantum's Board of
Directors ("the Board") at the Company's 2016 Annual Meeting of
Stockholders.
"VIEX thinks that the continuing destruction of shareholder
value on the Quantum Board's watch is indefensible," said
Eric Singer, Managing Member of VIEX
Capital Advisors. "We strongly believe that our nominees possess
the relevant skills and fresh perspectives desperately needed to
address the clear performance issues and capital structure
challenges facing Quantum, and to oversee a comprehensive,
independent and credible strategic assessment of the business with
a singular focus on maximizing shareholder value. We look forward
to the upcoming annual meeting and to presenting a compelling case
for change to Quantum's long-suffering shareholders."
VIEX's nominees for the Quantum Board are:
- Mark Bonney has
successfully managed turnarounds in several technology companies in
the US and abroad over the past 30 years. He has significant
management, operations and financial experience as a senior
executive of middle market, high technology companies in
the United States and globally. He
is a member of the Board, President and Chief Executive Officer of
MRV Communications, Inc. (NASDAQ: MRVC), a global supplier of
packet and optical solutions that power the world's largest
networks. Previously, Mr. Bonney served as the President and Chief
Executive Officer of On Board Advisors, LLC, a strategic and
financial advisory firm. He has served on the boards of American
Bank Note Holographics, Inc., Axsys Technologies, Inc., and Sigma
Designs. Mr. Bonney is currently a director Zix Corporation, where
he has served since January
2013.
- John Mutch is a seasoned
operating executive and investor in the technology industry with
over 30 years of public and private company operating and investing
experience with a long, sustained track record of creating
shareholder value and extensive executive management experience. He
serves as the managing partner of MV Advisors LLC, a strategic
block investment firm which provides focused investment and
strategic guidance to small and mid-cap technology companies.
Previously, Mr. Mutch served as the President, CEO and Chairman of
the Board of BeyondTrust Software, a privately held security
software company. He also served as President and CEO of both
Peregrine Systems and HNC Software, an enterprise analytics
software provider. Mr. Mutch currently serves as a member of the
Board of Directors of Agilysys, Inc. (NASDAQ: AGYS), and as the
Chairman of the Board of Aviat Networks and previously served on
the boards of Phoenix Technology, Adaptec Inc., Edgar Online, Aspyra, Overland Storage and Brio
Software.
- Raghavendra Rau is an
accomplished global executive who has led transformative change in
the technology and software industries. He has extensive experience
in the technology industry, significant public company board
experience and executive level management experience. He served as
the Chief Executive Officer of SeaChange International Inc.
(NASDAQ: SEAC), a manufacturer of digital video systems and
provider of related services to media companies worldwide, and also
on the Board of Directors. He currently serves as a member of the
Board of Directors, of Rovi Corporation (NASDAQ: ROVI), a creator
of personalized and data-driven entertainment. Previous, Mr. Rau
served on the Board of Directors of Aviat Networks, Inc. and
Microtune, Inc. Mr. Rau is a former Chairman of the QuEST Forum, a
collaboration of service providers and suppliers dedicated to
telecom supply chain quality and performance, and was a director of
the Center for Telecom Management at the University of Southern California.
- Khurram Sheikh is an
experienced technology and innovation executive with
multi-functional skill sets in the mobile, telecommunications and
media industries. He currently serves as the Chairman and Chief
Executive Officer of AIJAAD, a design-thinking based innovation
practice in Silicon Valley. Previously, Mr. Sheikh served as the
President of SiBEAM Inc., a leader in the development of gigabit
wireless chip, IP and software technologies, as the Chief Strategy
and Technology Officer at both Silicon Image Inc. and Lattice
Semiconductor Inc. (NASDAQ: LSCC) following its acquisition of
Silicon Image, as the Chief Executive Officer of JKSFS – New Age
Communications, a technology company focused on innovation at the
intersection of cloud and mobile access networks, and as Chief
Executive Officer, Chief Technology Officer and President of Global
Business Units at Powerwave Technologies Inc., a global
telecommunications corporation.
- Eric Singer has
demonstrated financial expertise and significant experience serving
as a director of various technology companies. Mr. Singer currently
serves on the board of directors of TigerLogic Corporation (NASDAQ:
TIGR), a global provider in engagement solutions, including the
Omnis mobile development platform, IEC Electronics Corp., a
provider of electronic manufacturing services to advanced
technology companies primarily in the military and aerospace,
medical, industrial and communications sectors, Numerex Corp., a
provider of managed machine-to-machine enterprise solutions
enabling the Internet of Things, and YuMe, Inc., a leading
independent provider of digital video brand advertising solutions
powered by data-driven insights and multi-platform expertise. Mr.
Singer previously served as a director of Meru Networks, Inc., PLX
Technology, Inc., Sigma Designs, Inc., including as its Chairman of
the Board, and Zilog Corporation.
CERTAIN INFORMATION CONCERNING THE PARTICIPANTS
VIEX Opportunities Fund, LP – Series One, together with the
other participants named herein (collectively, "VIEX"), intends to
file a preliminary proxy statement and an accompanying proxy card
with the Securities and Exchange Commission ("SEC") to be used to
solicit votes for the election of its slate of five highly
qualified director nominees at the 2016 annual meeting of
stockholders of Quantum Corporation, a Delaware corporation (the "Company").
VIEX STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ
THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH
PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB
SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS
PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT
WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES
SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR.
The participants in the solicitation are VIEX Opportunities
Fund, LP – Series One ("Series One"), VIEX Opportunities Fund, LP –
Series Two ("Series Two"), VIEX Special Opportunities Fund III, LP
("VSO III"), VIEX GP, LLC ("VIEX GP"), VIEX Special Opportunities
GP III, LLC, ("VSO GP III"), VIEX Capital Advisors, LLC ("VIEX
Capital"), Eric Singer, Mark Bonney, John
Mutch, Raghu Rau, and Khurram
Sheik.
As of the date hereof, Series One beneficially owned 7,407,865
shares of Common Stock. Series Two beneficially owned 1,413,191
shares of Common Stock. VSO III beneficially owned 20,710.666
shares of Common Stock. VIEX GP, as the general partner of Series
One and Series Two, may be deemed the beneficial owner of the (i)
7,407,865 shares owned by Series One and (ii) 1,413,191 shares
owned by Series Two. VSO GP III, as the general partner of VSO III,
may be deemed the beneficial owner of the 20,710,666 shares owned
by VSO III. VIEX Capital, as the investment manager of Series One,
Series Two and VSO III, may be deemed the beneficial owner of the
(i) 7,407,865 shares owned by Series One, (ii) 1,413,191 shares
owned by Series Two and (iii) 20,710,666 shares owned by VSO III.
Mr. Singer, as the managing member of VIEX GP and VIEX Capital, may
be deemed the beneficial owner of the (i) 7,407,865 shares owned by
Series One, (ii) 1,413,191 shares owned by Series Two and (iii)
20,710,666 shares owned by VSO III. As of the date hereof, Messrs.
Bonney, Mutch, Rau and Sheikh did not beneficially own any shares
of Common Stock.
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SOURCE VIEX Capital Advisors, LLC