PC maker Gateway said Thursday that its founder and longtime chairman, Ted Waitt, will retire from the board of directors after its annual meeting, to focus on other business and philanthropic interests.
Ted Waitt
founder, Gateway
Under a long-planned succession strategy, the Irvine, Calif.-based company said that its former president and current director, Richard Snyder, will become chairman, effective upon his expected reelection to the board later Thursday.
"This year marks my 20th year as Gateway's chairman. It's been a great ride," the 42-year-old Waitt said in a statement.
"But now my interests are vast and varied and I'd like to be able to take on some new challenges in the next 20 years."
Snyder, chief executive of Ardesta, has been a director of Gateway since 1991, when he joined the company as executive vice president. He went on to become Gateway's president and chief operating officer in 1996, and he held those posts until he left the company in August 1997.
He helped to oversee Gateway's initial public offering, along with Waitt.
The board also elected Janet Clarke as an independent director to fill the open board seat. Clarke is president and founder of Clarke Littlefield.
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