Ted Waitt, founder and chairman of personal computer maker Gateway, Inc., announced that he will step down from Gateway's board following the company's Annual Meeting of shareholders on May 19. Mr. Waitt said he was retiring from the Board in order to focus on a number of business and philanthropic interests.
"This year marks my 20th year as Gateway's chairman. It's been a great ride. We've built one of the best brands instantly recognizable around the world. But now my interests are vast and varied and I'd like to be able to take on some new challenges in the next twenty years," Mr. Waitt said. "It's taken a lot of work, but Gateway's back on track. I am a loyal fan of the company, but it's time for the company to grow without me, and time for me to grow without the company."
To replace Mr. Waitt, Gateway has elected former president and long-time director Richard D. Snyder as chairman, effective upon his anticipated reelection to the board at the shareholders meeting.
Mr. Snyder, CEO of consulting firm Ardesta LLC of Ann Arbor, MI, U.S., has been a director of Gateway since 1991, when he joined the company as executive vice president. He co-led the Gateway initial public offering with Mr. Waitt and was promoted to president and COO of Gateway in January 1996, a position he held until leaving the company as an employee in August 1997.
The board also elected Janet M. Clarke as an independent director to fill the open board seat. Ms. Clarke is president and founder of Clarke Littlefield LLC, a firm that provides strategic advice to larger companies with an emphasis on marketing technologies.
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