StorageTek Chief Named

Storage Technology Corp. named former Xerox Corp. executive Patrick Martin to lead the storage device maker into the black. Martin, 59, was named president, chief executive and chairman to replace David Weiss, who leaves his post after four years. The company said in February that Weiss would resign but remain until a successor was found. The stock of the company, known as StorageTek, has fallen from a high of $51 two years ago to $11.44 Tuesday, down 19 cents on the New York Stock Exchange, putting its book value at about $1.5 billion. At Xerox, Martin was responsible for $8 billion in annual revenue as president of Xerox’s largest marketing operation, North American Solutions Group.