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StorageTek CEO Eyes Exit

The countdown is on for the end of Pat Martins tenure at Storage Technology Corp. (StorageTek) (NYSE: STK).

Martin confirmed during StorageTek’s earnings conference call Monday night that he doesn’t expect to continue as CEO when his contract expires in 14 months (see StorageTek Revenue Drops).

“I serve at the pleasure of the board of directors and shareholders, and right now there’s been no discussions about that going on,” Martin said. “However, rest assured, there will be management continuity. The board is actively involved, and I’m involved with them in looking at succession.”

StorageTek filed an SEC document last month saying the board approved a transition agreement to provide for an “orderly succession for the Chief Executive Officer and maintain the executive team during that transition.” The day of the filing, a StorageTek spokesman claimed it was a standard filing for when a CEO’s contract is winding down and denied that it meant that Martin is leaving. Martin’s contract expires June 30, 2006.

Martin, 64, became StorageTek’s CEO in July 2000 after spending 23 years at Xerox Corp. (NYSE: XRX). Analysts asked Martin if his lame duck status would affect whether StorageTek will make any acquisitions with the more than $1 billion in cash the company has.

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