Iomega Picks New CEO, Warns of Quarter Loss
Associated Press
Troubled computer equipment maker Iomega Corp. tapped a member of its board of directors as its new chief executive and president.
Werner T. Heid replaces Bruce Albertson, who resigned last month over differences with the board regarding the company’s direction.
Heid’s appointment comes on the same day Iomega said its second-quarter revenue would be down sharply from the same period last year.
The company, which is best known for information storage devices such as its Zip and Jaz drives, said it expects to report a loss of as much as $62 million, with revenue of about $190 million. During last year’s second quarter, Iomega earned $40 million on revenue of $304 million.
Iomega lost 34 cents to close at a 52-week low of $2.07 on the NYSE.
