Timberwolves owner Taylor steps down from Imation board

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Glen Taylor has resigned from the board of Oakdale-based Imation Corp. for "personal reasons," the Business Journal reports. He's served on the company's board since May 2000.

Theodore Bunting Jr. and William LaPerch were elected to Imatiion's board of directors, according to a company news release.

Taylor owns Mankato-based Taylor Corporation, the Minnesota Timberwolves and the Minnesota Lynx. He is also among the five wealthiest Minnesotans.

Last month, Imation announced it will layoff about one-fifth of its workforce or roughly 200 workers worldwide by next year after poor third-quarter numbers. The Oakdale-based maker of optical discs, magnetic tape and flash drives wants to reduce operating expenses by about 25 percent.

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