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Gateway CEO Bails Out
Wayne Inouye has ejected from the personal computer manufacturer and deployed a $720,000 golden parachute to soften his landing.
Unable to turn around the cow-boxed fortunes of Gateway, Inouye abruptly resigned his CEO position with Gateway. The company said in a statement Inouye resigned to pursue other interests.
Company chairman Rick Snyder will take the big chair on an interim basis while a search in conducted for Inouye's replacement. Inouye will remain on hand for a time to assist in the transition.
"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," Snyder said in the announcement.
Despite the company's anemic stock price and small market share, Gateway does not appear to be for sale. The change at the top comes a week after Gateway announced its fourth quarter 2005 earnings; while sales in the Retail business were strong, the Professional side disappointed investors.
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About the Author:
David Utter is a staff writer for WebProNews covering technology and business.
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