Steel Partners puts forth alternate slate of nominees to Adaptec's board

By Lisa Kerner

Charlotte, N.C., June 25 - Adaptec, Inc. investors led by Steel Partners II, LP nominated Jack L. Howard, John J. Quicke, John Mutch, Howard M. Leitner and Anthony Bergamo for election to the company's board of directors at Adaptec's 2007 annual meeting. The nominations were made in a letter to the company and included in a schedule 13D filing with the Securities and Exchange Commission.

The reporting persons beneficially own 16,380,000 shares, or 13.8%, of the Milpitas, Calif., data storage company's outstanding stock. Steel Partners reported a 10.7% stake in Adaptec on March 9, according to previous SEC filing.

On May 30, the company's largest shareholder expressed concerns over Adaptec's performance and acquisition strategy in a letter to the company's board.

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