GATEWAY 2000 President and COO Richard D. Snyder Resigns
NORTH SIOUX CITY, SD, July 28, 1997 – Gateway 2000, Inc.(NYSE:GTW), today announced that Richard D. Snyder, President and Chief Operating Officer, will be leaving Gateway to assume the leadership of an entrepreneurial private venture capital fund to be headquartered in the vicinity of Ann Arbor, Michigan.
Ted Waitt, Chairman and CEO of Gateway 2000 stated, "Rick has been an outstanding asset of Gateway 2000 for these last six years. His leadership has taken us from a small direct manufacturer of desktop computers to a Fortune 500 worldwide leader of home and corporate computing. We are sad to see Rick leave but we wish him well in his new endeavor.
"Rick will remain part of the Gateway family," said Waitt. "He will continue to serve as a member of our Board of Directors and we will look to Rick for his business counsel."
Snyder commented, "I leave a great many memories behind, but I am looking forward to this opportunity and the chance to return to my family’s home in Michigan. I have enjoyed being part of the team that launched a great American corporation, but I am happy that I will get the chance to work with a whole new group of technology entrepreneurs as they attempt to build the next Gateway."
A search for a successor has been launched.
Prior to joining Gateway in 1991, Mr. Snyder was a partner in the international accounting and consulting firm of Coopers & Lybrand, where he had directed the firm's Chicago office mergers and acquisitions practice since 1989. Prior to his tenure in Chicago, Snyder worked as a tax partner in the Detroit office of Coopers & Lybrand. He also served as an adjunct professor of accounting at the University of Michigan from 1982 to 1984.
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About GatewayGateway (NYSE: GTW), a Fortune 500 company founded in 1985, is a leading global direct marketer of PC products. The company, headquartered in North Sioux City, South Dakota, has manufacturing facilities in the United States, Ireland and Malaysia and employs over 10,000 people worldwide. Gateway products and services consistently win top awards from leading industry publications. In 1996, the company shipped 1.9 million systems and reported revenues of $5 billion. Revenue for the first quarter of 1997 was $1.4 billion with net income of $67.5 million. For further information, visit Gateway at http://www.gateway.com.
Contact: Angela Peacock, Corporate Communications (605) 232-1686.
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