Raghu Rau takes over as chairman of Quantum

The company signs a Letter of Intent to hire consulting firm AlixPartners to help it identify and deliver financial improvements in the business.

The board of directors of Quantum has unanimously elected the current director Raghu Rau as president, succeeding Paul Auvil, who will remain in the highest management body. The Quantum Corporate Governance and Nominations Committee will be formed by Rau himself, Clifford Press and Alex Pinchev as its members.

Furthermore, the company has signed a Letter of Intent to hire the consulting firm AlixPartners to help it identify and deliver financial improvements in the business.

Rau commented that the new board of directors is "fully committed to acting with a sense of urgency to deliver value to our shareholders. I am very pleased to have hired AlixPartners, who will report directly to the board, to assist in the transformation of the business. And our management team will be working closely with the firm to aggressively pursue cost savings that will also improve our ability to invest in growth initiatives."

He also thanked Paul Auvil “for his leadership at Quantum during his many years as president and I 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 solutions.”