| From: Moonray | 9/17/2012 6:03:07 PM | | | | | | OCZ Technology CEO resigns
Sept 17 | Mon Sep 17, 2012 4:24pm EDT
(Reuters) - OCZ Technology Group Inc, which makes solid-state memory drives,
said Chief Executive Ryan Petersen resigned.
Alex Mei, the company's chief marketing officer, will serve as interim CEO.
Shares of the San Jose, California-based company closed at $4.60 on the Nasdaq on Monday.
o~~~ O
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| To: The Ox who wrote (9) | 10/10/2012 9:00:38 AM | | From: The Ox | | | | OCZ Technology Group, Inc. ( NASDAQ : OCZ ), a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced that it will file a Form 12b-25, Notification of Late Filing, with the Securities and Exchange Commission that allows the Company to extend the deadline to file its Form 10-Q for the second quarter of fiscal year 2013 (Q2'13), which ended on August 31, 2012. With this extension, if the Form 10-Q is filed by October 15, 2012, the Form 10-Q will be deemed to be timely filed. The Company's financial statements are still under review. The Q2'13 revenue will be materially lower than the September 5th preliminary revenue range of $110 to $120 million. This new revenue estimate and filing delay is principally due to the impact of customer incentive programs which were discovered subsequent to the preliminary announcement during the normal close process, and which the Company will be reporting as a material weakness in its Form 10-Q. The Company also expects to report negative gross margins and a significant net loss for Q2'13 and will hold a conference call today at 7:00am Pacific Time (10:00am Eastern Time).
The financial information for Q2'13 presented in this press release is preliminary and remains subject to management's review of the results and also review by the Company's independent accounting firm. The Company will now host its Q2'13 earnings call in conjunction with the filing of its Form 10-Q and has postponed the previously scheduled conference call.
October 10, 2012 Webcast and Conference Call
OCZ will host a conference call today at 7:00am PT (10:00am ET). A live audio webcast of the conference call will be available by visiting the Investor Relations events conference call section of OCZ's website at http://ir.stockpr.com/ocztechnology/conference-calls, which will be archived for replay until October 17, 2012. |
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| To: The Ox who wrote (10) | 10/10/2012 9:10:51 AM | | From: The Ox | | | | SAN JOSE, CA--(Marketwire - Oct 10, 2012) - OCZ Technology Group, Inc. ( NASDAQ : OCZ ), a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced its board of directors has appointed Ralph Schmitt as the Company's president and chief executive officer effective immediately. Ralph Schmitt has been a member of the Company's board of directors since April 2011.
"I am pleased to announce that OCZ's board has appointed Ralph Schmitt as the Company's president and chief executive officer," said Adam Epstein, OCZ's lead independent director. "Ralph's knowledge of OCZ's business, customers, and target markets along with his extensive management experience and technical expertise make him the ideal person to lead OCZ through the next phase of its development."
Commenting on his appointment, Mr. Schmitt stated, "I am excited and honored to have been asked to lead OCZ, and look forward to working with the Company's talented, dedicated employees to deliver leading solid state solutions. Innovation, quality and profitability will be the principles that drive the Company going forward. We will overcome some near term tactical challenges, and we will focus relentlessly on increased value to both our investors and customers. We have an amazing opportunity in front of us and we will take full advantage of our position, products and people to be successful."
Mr. Schmitt joins OCZ from PLX Technologies, Inc., a provider of semiconductor-based connectivity solutions primarily targeting the enterprise and consumer markets, where he served as president and CEO from 2008 until yesterday.
Mr. Schmitt is the on the board of the Global Semiconductor Alliance (GSA), and remains on the board of PLX. Prior to his leadership tenure at PLX, he acted as CEO of Legend Silicon, a privately funded Chinese terrestrial digital TV semiconductor company in 2008. From 2005 through 2007, Mr. Schmitt was CEO of Sipex, an analog semiconductor company that merged with Exar in 2007, where he was appointed CEO.
From 1999 to 2005, Mr. Schmitt was executive vice president of sales, marketing, and business development for Cypress Semiconductor where he led sales growth to over $1 billion, while also overseeing the acquisition and integration of numerous companies. He has served on private and public boards ranging from semiconductor, to solar and systems companies. Mr. Schmitt holds a B.S.E.E. from Rutgers University and started his career as storage system designer. |
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| To: The Ox who wrote (11) | 10/10/2012 9:14:42 AM | | From: The Ox | | | | Very interesting. PLX has SSD controllers for PCIe as one of their verticle markets and produces other NAND related controllers.
Also, curious timing to leave PLXT and join OCZ. Probably couldn't choose a better time. I bet he gets a ton of "free options" and will be able to get more the next few quarters as they sort out their difficulties.
I'm guessing, in the long run, the new CEO will make out very well, financially speaking. It's the current shareholders getting the shaft! |
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| From: Mark O. Halverson | 10/10/2012 7:09:48 PM | | | | | | | Today certainly stunned me. Now we have the lawyers coming in, sniffing around. Does anyone know when OCZ intends to address us again? Any thoughts on just what happened? |
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| To: Mark O. Halverson who wrote (13) | 10/11/2012 1:45:47 PM | | From: The Ox | | | | I believe they have until the 15th to report. If they miss that, you can bet the stock goes even lower.
I could be wrong and they may have more time....... |
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