Signals Next Step in Transforming Go-to-Market Growth Initiatives in Data Management for the AI Era
Appoints John Fichthorn to the Board and Lewis Moorehead as Chief Financial Officer
SAN JOSE, Calif., April 03, 2025--(BUSINESS WIRE)--Quantum Corporation (Nasdaq: QMCO) ("Quantum" or the "Company"), a leader in solutions for AI and unstructured data, today announced several strategic developments to provide financial and operational flexibility, facilitate growth initiatives, and better serve the evolving data needs of today’s AI-driven organizations. Dialectic Capital Management, an investment management firm, has purchased all of Quantum’s $51 million of outstanding term debt previously held by Blue Torch Capital. With this transfer, John Fichthorn, Dialectic’s Co-Founder and Managing Partner, will be rejoining Quantum’s Board of Directors.
"Dialectic was founded for select investment opportunities similar to Quantum, where providing capital to solve balance sheet constraints can unlock growth. It is clear to us that Quantum has fully revamped their portfolio to address every stage of the data lifecycle and meet the demands of today’s AI era. Providing further financial freedom enables the Company to accelerate their efforts to bring this technology to a broader set of customers," said Fichthorn.
As the Company moves to the next phase of its strategic priorities, Quantum also announced the appointment of Lewis Moorehead as its Chief Financial Officer, effective April 4, 2025. Lewis has been with the Company since 2018 serving previously as the Chief Accounting Officer and succeeds Ken Gianella, who will remain with the Company to assist with the transition in an advisory role until the Company’s filing of its Annual Report on Form 10-K with the SEC.
"I’m very pleased to promote Lewis to the role of CFO. His familiarity with Quantum’s financial and accounting functions over the past seven years along with his understanding of our go-to-market objectives, make him well-suited for this next phase," commented Jamie Lerner, Chairman and CEO of Quantum. "I would also like to thank Ken for his leadership during a time in which we made great strides toward strengthening our balance sheet and improving our overall cost structure. His oversight has provided the foundation that was critical to reach this next phase."
With the appointment of Fichthorn to the Board and Blue Torch’s debt transfer to Dialectic, Todd Arden is resigning from the Board. In addition, Chris Neumeyer, an executive vice president and portfolio manager at Pacific Investment Management Company LLC (PIMCO), an affiliate of Quantum’s other term lender, will be serving in a non-voting observer role to the Quantum Board. Neumeyer had previously served as a board member for over two years.
Lerner continued, "We are excited to move forward with a top-tier bank in PIMCO, and an equity focused finance partner in Dialectic, who understand our business, support our growth initiatives and have a shared vision of increasing value for all of Quantum’s stakeholders as we move to transform data management for the AI era."
About Quantum
Quantum delivers end-to-end data management solutions designed for the AI era. With over four decades of experience, our data platform has allowed customers to extract the maximum value from their unique, unstructured data. From high-performance ingest that powers AI applications and demanding data-intensive workloads, to massive, durable data lakes to fuel AI models, Quantum delivers the most comprehensive and cost-efficient solutions. Leading organizations in life sciences, government, media and entertainment, research, and industrial technology trust Quantum with their most valuable asset – their data. Quantum is listed on Nasdaq (QMCO). For more information visit www.quantum.com.
Quantum and the Quantum logo are registered trademarks of Quantum Corporation and its affiliates in the United States and/or other countries. All other trademarks are the property of their respective owners.
Forward-Looking Information
The information provided in this press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are largely based on our current expectations and projections about future events and financial trends affecting our business. Such forward-looking statements include, in particular, statements related to the anticipated benefits of Dialectic’s purchase of the outstanding term debt held by Blue Torch Capital and the future opportunities and success of Quantum’s product portfolio and its abilities to meet the demands of today’s AI era.
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