Gateway CEO Inouye resigns

Gateway today announced the Wayne Inouye has resigned from his role as CEO of the company. Inouye was promoted to the role of chief executive officer in March of 2004, following Gateway’s acquisition of eMachines.

Rick Snyder, a former Gateway president and COO, will act as CEO on an interim basis while the company searches for a permanent replacement. Snyder joined Gateway in 1991 as executive vice president and director and co-led the Gateway initial public offering with company founder Ted Waitt.

Snyder said that neither he nor the Board envision any immediate major strategic changes at Gateway in terms of product offered or sales channels.

Inouye led Gateway through its most significant business strategy change in the firm’s history, which brought the company back into the black after years of increasing losses. The company posted a profit of $22.4 million for Q4 of 2005 and $49.5 million for the year. Sales were $1.1 billion for Q4 and $3.9 billion for the year.

Inouye will serve in an advisory role to "ensure a smooth transition," Gateway said.

Gateway shares were trading at $2.46, down $0.05 or about 2%, following the announcement.