Feeds

Iomega finds Rockwell White Knight to turn company around

Poached CEO completes board restructuring

  • alert
  • submit to reddit

Maximizing your infrastructure through virtualization

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

The Power of One Infographic

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Airbus promises Wi-Fi – yay – and 3D movies (meh) in new A330
If the person in front reclines their seat, this could get interesting
UK Parliament rubber-stamps EMERGENCY data grab 'n' keep bill
Just 49 MPs oppose Drip's rushed timetable
Want to beat Verizon's slow Netflix? Get a VPN
Exec finds stream speed climbs when smuggled out
Samsung threatens to cut ties with supplier over child labour allegations
Vows to uphold 'zero tolerance' policy on underage workers
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
prev story

Whitepapers

Reducing security risks from open source software
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Application security programs and practises
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.