Imation Corp. announced Thursday that its vice chairman and CEO, Frank Russomanno, will retire effective May 5. Russomanno had been CEO since 2007, and joined the company after its spin-off from 3M in 1996.
Mark Lucas, the company's president and COO, will succeed Russomanno as CEO. He will retain he president title and has been nominated for the company's board of directors.
“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 said in a statement.
“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.”