EXHIBIT 99.1
Storage Technology Corporation
303 673.5020 phone
One StorageTek Drive
Louisville, CO 80028-4130
NEWS RELEASE [COMPANY LOGO]
Contact:Terry Monrad Bill Watts
Global Public Relations Investor and Analyst Relations
StorageTek StorageTek
303.673.4676 303.673.5020
Cell: 720.841.5686 [email protected]
[email protected]
STORAGETEK NAMES PATRICK J. MARTIN
NEW CHAIRMAN, PRESIDENT AND CEO
LOUISVILLE, Colo., July 11, 2000 -- The board of directors of StorageTek(TM)
(Storage Technology Corp., NYSE:STK) announced today that Patrick J, Martin
has been selected as chairman of the board, president and chief executive
officer. He succeeds David E. Weiss.
Martin, 59, assumes the position after 23 years with Xerox Corporation
(NYSE:XRX), where he was a corporate senior vice president. Most recently he
was president of the North American Solutions Group (NASG), Xerox's largest
marketing operation, with responsibility for $8 billion in annual revenue.
Prior to that he led various global efforts at Xerox, including leading the
copier duplicator division, Xerox's largest business division, as well as
opening emerging markets around the world.
"I believe the storage business is among the most exciting in the technology
industry. StorageTek has the potential to take advantage of a tremendous
opportunity," Martin said. "The company's technology, products, solutions and
people are among the best in the industry. The recent restructuring and focus
on core competencies have built a great platform for future growth. I look
forward to working with the StorageTek team to deliver on the great potential
that I see in the company."
Robert E. La Blanc, a member of StorageTek's board of directors and chairman
of the CEO search committee, said that the search process was extensive. "The
search committee found that Pat has proven himself repeatedly as a leader who
can bring a focus on execution and results in the face of challenging
situations. Whether as a global sales and marketing professional or an
operations-focused line business leader, Pat's high-energy leadership
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STORAGETEK NAMES NEW CHAIRMAN, PRESIDENT AND CEO
style and drive for results make him the perfect match for StorageTek's current
challenges and future opportunities."
"We are grateful to Dave Weiss for the great contributions he made during his
four years as chairman, president and CEO of StorageTek, as well as the
invaluable support he is providing during this transition," La Blanc said.
Martin, who earned a doctorate in electrical engineering from George
Washington University, is the fourth person to hold the chairmanship of
StorageTek since it was founded in 1969. Besides Weiss, other chairmen were
Ryal R. Poppa and Jesse Aweida, one of the company's original founders. Martin
will reside in Colorado, and be based at StorageTek's world headquarters in
Louisville.
About StorageTek
StorageTek is the only global information storage provider to use "Open,
Intelligent and Integrated"(TM) solutions to promote the efficient use of
critical information and remove the information management constraints that
inhibit business growth. The company's core competencies--tape and tape
automation, virtual storage and open SANs (storage area networks)--effectively
manage the explosion of information, and save time, money and resources.
StorageTek, with headquarters in Louisville, Colo.,reported revenue of $2.4
billion in 1999. Information on StorageTek is available at www.storagetek.com
or phone 800.786.7835.
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TRADEMARKS: StorageTek and "Open, Intelligent and Integrated" are trademarks
of Storage Technology Corp. All other products or company names mentioned are
used for identification purposes only, and may be trademarks of their
respective owners.
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