Oakdale, Minn. - Imation's board of directors today announced that Frank Russomanno, vice chairman and CEO, will retire in May. Imation president and COO Mark Lucas will succeed Russomanno as president and CEO.
Russomanno, 62, will step down immediately following the company's annual meeting on May 5. He has served as vice chairman of Imation since March 2009 and as CEO since April 2007. Russomanno joined Imation at its spin-off from 3M in 1996.
He began his career with 3M in 1973 as a sales coordinator in New York, and quickly advanced through a variety of sales and marketing management positions, including European business unit director for 3M's A/V products. At Imation, Russomanno held multiple executive positions, including VP of Imation's data storage businesses. From 2003 to 2007, Russomanno was COO and also served several months as the acting CEO, prior to being named CEO in April 2007.
"I am very proud of what our Imation people worldwide have accomplished, not only since our 1996 spin-off, but also in the short time since we began our transformation to a brand and product management company in 2007," Russomanno commented. "In just over two years, we have established a strong foundation for the future and begun executing Imation's new strategy to optimize our legacy storage businesses, grow our portfolio of brands and products, and extend into new consumer electronics and accessories. Our balance sheet is strong, with no debt and $163 million in cash. I am confident that under Mark's leadership, the company will continue to make positive strides forward on this strategic journey."
Prior to joining Imation, Lucas served as chairman and CEO of Geneva Watch Group. Before that, Lucas was president and CEO of Altec Lansing Technologies. Lucas also held executive management positions at Iomega, the Gillette Company and Duracell International. Lucas was a member of Imation's board of directors from April 2007 to February 2009.
The board has nominated Lucas again for election to the board.