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Iomega finds Rockwell White Knight to turn company around

Poached CEO completes board restructuring

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Only a week after ZIP drive manufacturer Iomega announced its third quarter financial results, it said it has found a new CEO to steer its ship to better times. The company poached Jodie Glore from Rockwell Automation to complete the process of board restructuring it has suffered during the course of the last six months. Glore was COO and president of Rockwell Automation. According to chairman David Dunn, Glore managed to turn Rockwell’s business from $2.1 billion to $4.5 billion in four years, profitably. “That makes him an ideal person to lead Iomega into the next millenium,” said Dunn. An interim president, James Sierk, will be replaced by Glore, but will still remain on Iomega’s board. The company, based in Roy, Utah, reported in its third quarter results a week earlier that it had succeeded in reducing stock, but still made a $7.6 million net loss. It had a number of special charges during the period, the company said. But, worryingly for the company, while it showed an increase in shipments of its lucrative Zip drives, compared to the same quarter last year, gross margin declined by 22 per cent from 35 per cent, and revenues were significantly down. That suggests there is some discounting of Zip drives by Iomega’s channel. ® Click for more stories

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