Computer Memories Inc. Names Streuter President

The founder of Computer Memories Inc. has been replaced as president and chief operating officer by a an executive hired eight months ago to resolve the company’s production problems.

The new president of the Chatsworth-based disk-drive manufacturing business is Gary Streuter, 39, who has been Computer Memories’ executive vice president-operations since January. He left a job as vice president-manufacturing with Altos Computer Systems to join Computer Memories as a consultant last October.

Streuter replaces Abraham Brand, 49, who founded Computer Memories in 1979 and became its president and chief operating officer 11 months ago.

Irwin Rubin, chairman and chief executive of Computer Memories, said Brand resigned for personal reasons. Rubin said Brand would continue with the company indefinitely as a consultant, director and in-house counsel.

Rubin praised Brand’s efforts in launching Computer Memories but said Streuter was a stronger “operations person” whose talents currently are critical to the company. He attributed Computer Memories’ return to profitability during the fourth quarter ended March 31 largely to the correction of the company’s production problems.

Computer Memories posted a loss of $3.8 million on revenue of $108.7 million during the year ended March 31, but reported a profit of $2.6 million on revenue of $39.3 million in the fourth quarter.