Market Overview

Qualstar Announces Resignation of Chief Financial Officer

Qualstar Corporation (NASDAQ: QBAK), a manufacturer of data storage solutions and high-efficiency power supplies, today announced that Nidhi H. Andalon has resigned as Vice President and Chief Financial Officer, effective as of March 15, 2013, to pursue other opportunities. Having been with Qualstar for 10 years, Ms. Andalon served in various financial roles before becoming Chief Financial Officer in 2009. Ms. Andalon will remain at Qualstar through the middle of March and is working with Mr. Firestone and the Board of Directors to ensure an orderly transition.

Qualstar has begun a search for a new Chief Financial Officer and is in the process of identifying candidates. In the meantime, Qualstar's finance group will be managed by Neal Carver, who has held senior corporate finance and controller roles in public and private technology companies for more than 20 years. Most recently, Mr. Carver was Corporate Controller for Applied Films Corporation until it was acquired by Applied Materials in 2006 and continued on as Operations Controller for Applied Materials, Inc. from 2006 until 2012.

"The Board of Directors and I are grateful to Nidhi for her dedication and many contributions to Qualstar," said Lawrence D. Firestone, Qualstar's President and Chief Executive Officer. "Since my appointment as Chief Executive Officer last June, Nidhi has been a trusted partner as we begin to transform and refocus Qualstar on its growing core storage and power supply businesses to drive sustainable revenue, profitable growth and increase returns for shareholders. We wish her continued success in her future endeavors and welcome Neal with his extensive finance experience to the Qualstar team."

Posted-In: News Management

 

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