Come on guys ... the president quits and not a post!
dailynews.yahoo.com
Iomega CEO Albertson Quits
ROY, Utah (Reuters) - Iomega Corp. (NYSE:IOM - news) President and Chief Executive Officer Bruce Albertson has resigned amid differences with the computer storage company's board over strategic direction, the company said on Monday.
In addition, it said that pending a review, several cost-cutting moves could soon be implemented, possibly resulting in restructuring charges and write-offs, Iomega said.
``Bruce's resignation is, in large part, the result of differences between Bruce and the Board over the long-term strategic direction of the company,'' said Iomega board chairman David Dunn.
The Roy, Utah-based company, known for its popular portable Zip disk drives, said that a committee of the Board comprised of two of Iomega's directors, Jonathan Huberman and Robert Berkowitz, will manage the company's affairs, while it searches for a new CEO.
Albertson, who joined Iomega in 1999 as its president and chief operating officer, added the title of CEO in January 2000.
Iomega makes a range of storage products including the Jaz drive, which uses disks that hold up to 2 gigabytes, and PocketZip, a portable product designed for mobile computers and digital cameras.
In March, Albertson told Reuters that cost control remains a top priority for Iomega, which has since 1996 cut its work force several times in attempts to sustain profitability.
Still, Iomega has struggled to score with its consumer-oriented products amid the challenging economic environment. In April, the company reported its second consecutive quarterly report in which revenues were sharply lower than in the year-ago period.
Iomega shares rose 2 cents to $3.48 in New York Stock Exchange (news - web sites) trading on Monday. |
