Why is Xiotech Corp. CEO Casey Powell leaving his post with the privately held Eden Prairie data-storage firm?
Present and former employees say Xiotech recently announced to a roomful of staff that Powell was leaving after four years and being replaced by an executive from competitor EMC Corp. of Massachusetts.
Powell was said to be out of town and unavailable to comment. Xiotech and its investment firm, Oak Investment Partners, wouldn't comment.
Powell's departure immediately follows this month's announcement that Xiotech had gotten an additional $10 million through a private placement, plus an additional $10 million line of credit. The firm got $40 million, mostly in equity financing, in 2007.
STEVE ALEXANDER
More from Star Tribune
More from Star Tribune
More from Star Tribune
More from Star Tribune
More from Star Tribune
More from Star Tribune
More from Star Tribune
More From Star Tribune
More From Business
Business
JPMorgan's Dimon says stagflation is possible outcome for US economy, but he hopes for soft landing
JPMorgan CEO Jamie Dimon says stagflation could be one of a number of possible outcomes for the U.S. economy as the Federal Reserve attempts to tame stubbornly high consumer prices.
Business
The world's largest 3D printer is at a university in Maine. It just unveiled an even bigger one
The world's largest 3D printer has created a house that can cut construction time and labor. An even larger printer unveiled on Tuesday may one day create entire neighborhoods.
Business
Stock market today: Alphabet and Microsoft push Wall Street toward its first winning week in a month
Alphabet and Microsoft are leading the U.S. stock market on Friday toward the finish of its first winning week in the last four.
Business
Owner of exploding Michigan building arrested at airport while trying to leave US, authorities say
The owner of a suburban Detroit business that caught fire and exploded, killing a man, was arrested at a New York airport as he was preparing to depart for Hong Kong on a one-way ticket, authorities said Friday.
Business
Online retailer Shein is latest to face strict European Union digital regulations
Online fast-fashion retailer Shein must face the European Union's strictest level of digital regulations, the bloc said on Friday as it added the company to its list of big platforms that need extra scrutiny.
