Read-Rite Announces Management Changes

FREMONT, CA � March 15, 2002 -- Read-Rite Corporation (Nasdaq: RDRT) today announced that Andrew C. Holcomb, Read-Rite�s senior vice president, business development and general counsel, has been appointed as acting chief financial officer. John T. Kurtzweil, the company�s current CFO, will be leaving the company to accept a position with a semiconductor manufacturer outside of California. Mr. Kurtzweil will work with Mr. Holcomb over the next few weeks to ensure a smooth transition.

In discussing the change, Alan S. Lowe, Read-Rite�s president and CEO, said, �We want to thank John for his many contributions to Read-Rite over the years. Although we are sorry to see John leave, we wish him all the best in his new endeavor.� Added Lowe, in discussing Holcomb�s appointment, �over the past several years, Andy has played a very active role in restoring Read-Rite�s financial health. As we continue to focus and execute on our current company plans, Andy's knowledge of both our financial and business strategies will be a tremendous asset. He has consistently demonstrated the ability and leadership needed in this role and I look forward to his continuing contributions to the company.�

Read-Rite Corporation is one of the world's leading independent manufacturers of magnetic recording heads, head gimbal assemblies (HGAs) and head stack assemblies (HSAs) for disk drives and tape drives. The company is headquartered in Fremont, California and has operations in California, Thailand, the Philippines, Japan, Singapore and South Korea. The company's website is located at http://www.readrite.com. Read-Rite is also the majority shareholder of Scion Photonics, Inc., an integrated solution provider to the fiber optics industry whose offerings include advanced DWDM products, fiber optic assembly equipment and application specific photonic components. Scion's website is located at http://www.scionphotonics.com.