By Kelly Cloonan
Quantum Corp. said a strategic investor bought a portion of its debt and it named a new finance chief as the data needs of its AI-driven clients evolve.
The maker of computer-storage devices said Thursday that Dialectic Capital Management purchased $51 million in outstanding term debt previously held by Blue Torch Capital. As part of the transaction, Dialectic's John Fichthorn will rejoin Quantum's board.
Dialectic expects that improved balance sheets will accelerate Quantum's customer growth, Fichthorn said.
The San Jose, Calif., company also on Thursday said it appointed Lewis Moorehead as its next chief financial officer, effective Friday. Moorehead joined the company in 2018 and currently serves as chief accounting officer.
Moorehead will succeed Ken Gianella, who is expected to remain with the company in an advisory role until the filing of its annual report with the Securities and Exchange Commission.
Quantum also said Chris Neumeyer, an executive vice president and portfolio manager at Pacific Investment Management Company, would join the board in a non-voting role as another member resigns.
Neumeyer previously served as a board member for over two years.
"We are excited to move forward with a top-tier bank in PIMCO, and an equity focused finance partner in Dialectic," Chief Executive Jamie Lerner said.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
April 03, 2025 18:03 ET (22:03 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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