Ryan Petersen Resigns as OCZ CEO, Alex Mei to Take Position as Interim CEO
September 17, 2012 6:36 PM
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Alex Mei has been with OCZ for 8 years
In some news that came right out left field today, we've learned that Ryan Petersen has resigned from his position as OCZ CEO effective immediately. Petersen didn't give much of a reason for his dramatic departure, but did offer this brief statement this afternoon, "I am very pleased to have transitioned the Company from a niche developer, manufacturer, and seller of high-performance DRAM memory modules to a global leader in solid-state storage solutions."
Indeed, OCZ has come a long way from its humble beginnings in the PC memory business. In January 2011, OCZ jettisoned its traditional PC memory business to fully embrace the industry's transition from hard drives to solid state drives (SSDs). "SSD revenue accounted for 78% of our revenue and just by itself exceeds our historical quarterly revenue totals across all categories, thus reinforcing our decision to discontinue our remaining DRAM products," said Petersen
during that transition period
With Petersen now on the way out the door, OCZ Chief Marketing Officer (CMO) Alex Mei will step in as interim CEO while the board searches for a permanent replacement. Mei will retain his positions as CMO and Executive Vice President.
Alex Mei has been with OCZ since 2004.
For his part, Mei added, "I'm honored that the Board has selected me to lead OCZ on an interim basis. We have dedicated and talented employees, extremely competitive technology, and product roadmaps that we believe will enable us to continue to provide industry-leading solid state storage solutions to our growing customer base."
As one of the longest tenured employees, I've been fortunate to have had a front-row seat to what OCZ's amazing employees are capable of achieving for nearly a decade. I'm confident that our team will continue to execute the core strategies we've previously communicated to investors."
OCZ stock has seen a 52-week high of $10.05 and
closed at $4.46 today.
It is down nearly 9 percent in after hours trading to $4.06.
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Peterson will start a new company
9/17/2012 7:56:21 PM
He's more of a mad scientists/entrepreneur than CEO material. It's best to take a platinum parachute and go do whatever it is he wants to do this week... than to fight the board and be unhappy.
RE: Peterson will start a new company
9/17/2012 9:17:06 PM
Seems like stock value is just about where he started with his IPO more than 2 years ago. Some gain, some loss, and now net zero.
"Let's face it, we're not changing the world. We're building a product that helps people buy more crap - and watch porn." -- Seagate CEO Bill Watkins
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