Today OCZ’s Board of Directors has appointed Alex Mei as the interim CEO of OCZ following accepting the resignation of one of the company’s founders, Ryan Petersen, from his position as CEO.
Alex Mei currently holds the position (and will continue to do so) as EVP and Chief Marketing Officer while the company searches for a new CEO.
OCZ’s stock has been declining recently, and has fallen from a high of 10.55 in July of 2011 to today’s closing of 4.46. Rumors of a Seagate buyout didn’t do much to change the equation, either, as apparently nothing has materialized from those discussions. OCZ has traditionally been known as a performance leader, but have had issues with quality control and brand image in the past—though the recent Vertex 4 and upcoming Vector drives are promising.
The full press release is below:
SAN JOSE, CA — (MARKETWIRE) — 09/17/12 — OCZ Technology Group, Inc. (NASDAQ: OCZ), announced today that its Board of Directors has appointed Alex Mei, Executive Vice President and Chief Marketing Officer as Interim CEO, effective immediately. Mr. Mei’s appointment follows the Board’s acceptance of Ryan Petersen’s resignation as President, CEO and a director of the Company. Mr. Mei will also maintain his current responsibilities as EVP and Chief Marketing Officer until a permanent CEO has been selected.
In regards to his decision to resign, Mr. Petersen said, “I am very pleased to have transitioned the Company from a niche developer, manufacturer, and seller of high-performance DRAM memory modules to a global leader in solid-state storage solutions.”
“On behalf of the Board, I would like to thank Ryan for his vision and his service to OCZ,” said Adam Epstein, OCZ’s lead independent director. “Though it perhaps goes without saying, there wouldn’t be an OCZ without Ryan, and his contributions to the Company and to the DRAM and SSD industries are far too numerous to mention. We wish him and his family the very best for the future.”
In moving forward with Alex Mei, Mr. Epstein said, “We are fortunate to have someone of Alex Mei’s caliber to step in and lead OCZ as Interim CEO. Alex is not only a proven executive who has made significant contributions and provided outstanding leadership to OCZ as Executive Vice President and Chief Marketing Officer, his tenure with the company since 2004 helps to ensure continuity until a permanent CEO is hired. Alex has the full confidence of the Board and is well respected by colleagues, employees, and the industry alike. He’s ideally suited to oversee the continued execution of OCZ’s strategic plans during this interim period.”
In response to today’s announcement, Mr. Mei said, “I’m honored that the Board has selected me to lead OCZ on an interim basis. We have dedicated and talented employees, extremely competitive technology, and product roadmaps that we believe will enable us to continue to provide industry-leading solid state storage solutions to our growing customer base. As one of the longest tenured employees, I’ve been fortunate to have had a front-row seat to what OCZ’s amazing employees are capable of achieving for nearly a decade. I’m confident that our team will continue to execute the core strategies we’ve previously communicated to investors.”