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Cray’s Pete Ungaro Among Top Tech Turnaround Artists

Peter UngaroBloomberg has named Cray President & CEO Peter Ungaro as one the Top Tech Turnaround Artists.

Before: Cray’s total return was down 88.8 percent in the two years before the company announced Peter Ungaro would be the new CEO. By comparison, the S&P 500’s total return was 30.5 percent during that same period.

After: Since Ungaro’s appointment in August 2005, Cray’s stock had a total return of 361.4 percent as of Oct. 11. By comparison, the S&P 500 had a total return of 64.2 percent during the same period.

I think this recognition is well-deserved. When Ungaro took over Cray back in 2005, the company’s product lines and financials were in pretty bad shape. Now the company has successfully transitioned to the Cascade systems, they are positioned to continue to do very well in the high end of the supercomputing market. As he told me once, “We got the cow out of the ditch. Now we have to figure where to take the company to sustained profitability.”

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