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
