Imation Climbs on Announcement of CEO Successor (IMN,MMM)
3/18/2010-Shares of Imation Corp. (NYSE: IMN) are trading 1.6% higher to $10.92 Thursday after the company said it would promote Chief Operating Officer Mark Lucas to chief executive when current CEO and Vice Chairman Frank Russomanno retires from the computer data storage products maker in May.
Russomanno, who as been vice chairman for a year and CEO for nearly three, will depart at the company's annual meeting May 5. He joined the company when it was spun off from 3M Co. (NYSE: MMM) in 1996.
Chairman Linda Hart said Lucas initiated efforts to shorten the time it took products to get to market and has helped maximize profitability for new items at Imation.
Prior to joining Imation a year ago to become COO, Lucas served as chairman and CEO of Geneva Watch Group, a privately held designer.
Write to Chip Brian at cbrian@tradethetrend.com
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