The board of directors of business appliance maker Gateway, Inc. announced its CEO Wayne Inouye resigned. Rick Snyder, a former Gateway president and COO and current chairman and long-time Director, was named as interim chief executive until a permanent replacement is found.
Inouye, who became CEO following the March 2004 Gateway acquisition of eMachines, resigned to pursue other interests. Snyder will take over as CEO immediately and Inouye will serve in an advisory role to ensure a smooth transition.
Snyder, chairman, CEO and co-founder of Ardesta LLC of, a company focused on bringing small tech products to the global marketplace, has been a director of Gateway since 1991 when he joined the company as executive vice president. Snyder co-led the Gateway initial public offering with Gateway founder Ted Waitt. In January 1996, Snyder was promoted to president and chief operating officer, a position he held until leaving the company as an employee in August 1997.
Snyder said that neither he nor the Board envision any immediate major strategic changes at Gateway in terms of product offered or sales channels. "Having just approved the 2006 annual operating plan, I and the other directors believe the company is essentially on the right course for long-term growth, and that our employees and senior management team have a sense of urgency about improving the company's financial results," Snyder said. "However, we will take this opportunity to re-examine the strategic direction of Gateway to fine-tune our products, services and approach to our Professional and Consumer Direct markets."
The Board has begun a search for a permanent replacement CEO and expects to complete the search by late summer. While in his interim role, Snyder will step down temporarily from his positions as chairman of the Corporate Governance & Nominating Committee and member of the Audit Committee but will remain Chairman of the Board. In the interim, Board member Janet Clarke will become chair of the Corporate Governance and Nominating Committee and Board member George Krauss will join the Audit Committee.
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