StorageTek Names New Top Executive

FRAMINGHAM (07/11/2000) - Louisville, Colo.-based Storage Technology Corp. announced Tuesday that Patrick J. Martin will be the company's new chairman of the board, president and CEO.

Martin, 59, moves to StorageTek after 23 years at Xerox Corp. His most recent position was president of North American Solutions Group, Xerox's largest marketing operation.

Martin, who succeeds David E. Weiss, will be StorageTek's fourth chairman since the company's founding in 1969.

StorageTek has been in financial trouble for some time. Earlier this year, the company announced layoffs of 1,300 employees because it suffered higher losses than expected last year.

The company lost US$39.5 million in the first quarter, which ended March 31, compared with the first quarter of the previous year, when it saw a $5.8 million profit.