Steel Partners director nominee elected to Adaptec board, no longer a 'reporting person'

By Lisa Kerner

Charlotte, N.C., Dec. 27 - Steel Partners II director nominee John Mutch was elected to Adaptec, Inc.'s board of directors on Dec. 13 and, as a result, terminated his "obligations to act in concert with the other reporting persons" led by Steel Partners.

The remaining reporting persons own 14.9% of the Milpitas, Calif., data storage company.

In total, Steel Partners has purchased some 18.15 million shares of Adaptec stock for $67.62 million, according to a schedule 13D filing with the Securities and Exchange Commission.

It was previously reported that Adaptec agreed to expand its board to nine members from eight. Directors Judith M. O'Brien and Charles J. Robel did not stand for re-election. Steel Partners nominees Mutch, John J. Quicke and Jack L. Howard will be appointed to the company's audit, compensation and nominating and governance committees, respectively, following their election to the board.

Quicke and Howard beneficially own 0% of Adaptec's outstanding shares, the SEC filing stated.

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