Imation Swaps Out CEOs

OAKDALE, Minn. -- Imation Corp (NYSE:IMN) announced that Frank Russomanno has been elected President and Chief Executive Officer and a member of the Board of Directors, replacing Bruce Henderson. Mr. Russomanno had been named acting CEO on November 9, 2006. In addition, Imation's Lead Director Linda Hart, Vice Chairman and CEO of Hart Group, Inc., was elected Non-Executive Chairman of the Board.

The company also announced that Bruce Henderson has resigned as Chairman of the Board and Chief Executive Officer of the Company effective as of the close of business today due to health issues as he continues treatment for a malignant brain tumor. He has been on a medical leave of absence since November 9, 2006. Mr. Henderson will remain an inactive employee of the Company, participating in the Company's short-term disability program and applying for long-term disability benefits. He joined the Company in May 2004.

In a statement released by the company, Mr. Henderson said: "My treatment is on a positive path, but will continue to require a substantial amount of my time and energy. The Board of Directors and I felt that this is an appropriate time for me to formally relinquish my duties to assist the company in making the necessary transition to its new leadership."

Mr. Russomanno said: "We wish Bruce and his family the best as he pursues his course of treatment and thank him for his contributions to Imation.Under Bruce's leadership, the company accelerated its growth and made its first major acquisition with Memorex. Bruce also introduced lean principles throughout Imation. Both of those contributions will have a lasting and positive impact on the company."

Imation Corp.