OCZ's CEO Ryan Petersen Steps Down, Alex Mei Appointed Interim CEO

OCZ's Board of Directors has appointed Alex Mei to serve as the Interim CEO of the company now that Ryan Petersen has resigned as President, CEO and a director of the Company. Mei will take over immediately and will also maintain his current responsibilities as Executive Vice President and Chief Marketing Officer.

Petersen was one of the organization's original founders and was a key player in guiding OCZ to where it is today. Petersen is also credited as being the inventor or co-inventor of much of OCZ's proprietary technology. Mei joined OCZ in 2004 and is one of OCZ's longest tenured employees.

A reason for Petersen's departure has not been announced though there has been some speculation that he was ousted by the Board of Directors. While we don't know the truth behind this speculation, OCZ's fiscal performance hasn't been as positive as some had hoped. In addition, the rumored acquisition by Seagate has reportedly collapsed.

Alex Mei, Interim CEO

"We are fortunate to have someone of Alex Mei's caliber to step in and lead OCZ as Interim CEO. Alex is not only a proven executive who has made significant contributions and provided outstanding leadership to OCZ as Executive Vice President and Chief Marketing Officer, his tenure with the company since 2004 helps to ensure continuity until a permanent CEO is hired. Alex has the full confidence of the Board and is well respected by colleagues, employees, and the industry alike. He's ideally suited to oversee the continued execution of OCZ's strategic plans during this interim period," said Adam Epstein, OCZ's lead independent director.

In response to today's announcement, Mr. Mei said, "I'm honored that the Board has selected me to lead OCZ on an interim basis. We have dedicated and talented employees, extremely competitive technology, and product roadmaps that we believe will enable us to continue to provide industry-leading solid state storage solutions to our growing customer base. As one of the longest tenured employees, I've been fortunate to have had a front-row seat to what OCZ's amazing employees are capable of achieving for nearly a decade. I'm confident that our team will continue to execute the core strategies we've previously communicated to investors."

OCZ will hold its fiscal 2013 second quarter conference call on October 10, 2012.