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Adaptec faces a board coup that could dramatically change the company.
A hedge fund named Steel Partners, based in New York, has become increasingly aggressive in its moves to revamp Adaptec. General Partner Warren G. Lichtenstein has acquired 13.8 percent of Adaptec's common stock and is pushing the company to replace five outgoing directors with his own men.
Steel Partners plans to unseat the existing board during Adaptec's annual shareholder meeting.
In an SEC filing dated June 25, lawyers for Lichtenstein indicate they'll nominate Jack L. Howard, John J. Quicke, John Mutch, Howard M. Leitner, and Anthony Bergamo -- all partners of Lichtenstein in a separate Steel Partners entity -- to take over five of the eight board positions that will be up for election at Adaptec's next shareholder meeting.
Further, if Adaptec's board opts to increase the number of open positions, Steel Partners will respond with more nominees.
With the move to the cloud, CISOs must shift priorities from operating security programs to overseeing (monitoring and auditing) outsourced cybersecurity programs.
2022 was a boon year for IT salaries. 2023 came in like a beast with layoffs, raise freezes, and ChatGPT, but that beast has few teeth.
Age is only a number. Don't let a high number cancel your career.
