CEO Shakeup: Imation, Cadence, and AaiPharma Announce New Leadership
Bruce Henderson was named CEO of Imation Corp., replacing Bill Monahan, while Michael Fister became the new president and CEO of Cadence Design Systems, succeeding Ray Bingham. AaiPharma Inc. announced that William Ginna, its CFO, has resigned and will be replaced by Gina Gutzeit on an interim basis. These changes come as Imation Corp. is struggling financially and AaiPharma is under investigation for sales practices.
Key Takeaways:
- Imation Corp. has named Bruce Henderson as its new CEO, replacing Bill Monahan, effective immediately.
- Cadence Design Systems has appointed Michael Fister as its new president and CEO, succeeding Ray Bingham, while Donald Lucas stepped down as chairman but will remain on as a director.
- AaiPharma Inc. has announced the resignation of its CFO, William Ginna, who will be replaced by Gina Gutzeit on an interim basis.
- Imation Corp.'s stock has slumped to around $6 from over $15 since March 1, following an investigation into "sales abnormalities" and a debt default notice.
- AaiPharma's previous CEO stepped down in March amid the allegations.
- Cadence Design Systems is a maker of software used to design semiconductors.
- Imation Corp. produces computer disks used to store data.
- AaiPharma is being investigated for sales practices and has been hit with a grand jury subpoena.
Statistics:
- Imation Corp.'s stock price has decreased by over $9 since March 1.
- AaiPharma's stock has slumped to around $6 from over $15.
- Cadence Design Systems has appointed a new CEO and president.
- Michael Fister was most recently a senior vice president at Intel Corp.
- William Ginna, AaiPharma's former CFO, resigned amid an investigation into the company's sales practices.
- AaiPharma has been hit with a debt default notice.
- Imation Corp. is struggling financially.
Sources:
- Reuters
- Reuters
- Reuters