Frank Russomanno

Imation Corp. announced Thursday that its vice chairman and CEO, Frank Russomanno, will retire effective May 5. Russomanno had been CEO since 2007, and joined the company after its spin-off from 3M in 1996.

Imation Corp. Thursday reported a $57.6 million loss for the most recent quarter, which was largely due to a $49 million settlement due to the company's settlement with Philips.

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