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OCZ CEO Warns Investors of Revenue Shortfall

OCZ's newly appointed CEO warns of poor performance.

In September Ryan Petersen founder of OCZ stepped down in mysterious circumstances (but speculation was that he got ousted by the board of directors) and was replaced by Alex Mai who at the time was OCZ’s chief marketing officer. Today we might have a glimpse into why Petersen stepped down as CEO as the company released a statement  that second quarterly revenue at OCZ was to do $78.5 million (originally forecast at $110 million) this shortfall could be accounted for by the price reductions and cash back incentives that were introduced by Petersen.

OCZ have not had a good year with the take over by Seagate falling through and the shortages of solid state components that has plagued the company over several month it is obvious that Petersen was not totally to blame for the poor performance from OCZ this year. SSDs had become the only real source of income for the company since they decided to remove themselves from the RAM market, a move which I’m sure that they are second guessing after today’s announcement.

The company has not sat still after this announcement with the appointment of Ralph Schmitt as the new president and chief executive officer of OCZ. Schmitt was chief executive officer of PLX, a company that was taken over by OCZ in October 2011.

Investors in OCZ will now be waiting with baited breath to see if OCZ can get back on top of an increasing competitive and crowded market and that they don’t regret pulling out of a RAM market that they were so renowned in.