Iomega Corporation Announces Departure of its President and Chief Executive Officer
Stephen N. David to Assume Role of Interim CEO
SAN DIEGO, February 3, 2006 - Iomega Corporation (NYSE: IOM) announced today that Werner T. Heid has resigned from his position as Iomega’s President and Chief Executive Officer, and as a member of the Company’s Board of Directors, following discussions with the Board. Stephen N. David, currently Chairman of the Company’s Board of Directors, has been appointed Chief Executive Officer on an interim basis.
Mr. David said, “On behalf of the entire Board, I would like to thank Werner for his many contributions over the past four years. The transition of Iomega from its Zip® product line, as Zip reaches the end of its technology lifecycle, to new market segments and innovative products has been a very difficult management challenge, and Werner has provided leadership to guide Iomega through this restructuring and reorientation phase. We are encouraged with the recent progress that Werner and his team have made toward improved financial results, as reflected in our fourth quarter 2005 results. However, the Board feels that, at this stage, Iomega must refocus on its future strategy, with the key need for a strengthened business plan that can better enable Iomega to deliver higher margin product solutions and consistent profitability.”
Mr. David is currently an independent consultant focused on providing strategic planning services to a variety of clients in the consumer products industry. He retired from Procter & Gamble, a multi-national manufacturer of family, personal and household care products, in January 2005, following a career that spanned more than thirty-four years. From July 2000 until his retirement from P&G, he held the position of Chief Information Officer and Business-to-Business Officer. In 1989, he served as General Manager (Arabian Peninsula) and in 1986, as Country Manager, P&G Hellas (Greece). In 1982, as Senior Project Manager, Country Services, Mr. David led the deployment of the first personal computers for Procter & Gamble. Mr. David is a member of several advisory boards and commissions.
Iomega Corporation provides easy-to-use, high value storage solutions to help people protect, secure, capture and share their valuable digital information. Iomega’s award-winning storage products include the new Iomega REV™ 35GB Drive, available in multiple interfaces, as well as the 10-cartridge, one-drive REV 1000 Autoloader; Zip® 100MB, 250MB and 750MB Drives; the new Iomega StorCenter™ Network Hard Drives, high-performance Iomega® External Hard Drives including the Iomega Micro Mini Hard Drive, the Iomega StorCenter™ Network Hard Drive, the Iomega 1TB Desktop Hard Drive XL Series, the Iomega MiniMax USB 2.0/FireWire Desktop Hard Drive and the Iomega ScreenPlay™ Multimedia Drive; Iomega Mini USB Drives, Micro Mini™ USB Drives, and the Iomega Mixx™ MP3 player; Iomega external CD-RW Drives; Iomega Super DVD Drives and the QuikTouch™ Video Burner; and Iomega Floppy USB-Powered Drives. Iomega simplifies data protection and sharing at home and in the workplace with Iomega Automatic Backup software, Iomega Sync software, HotBurn® CD-recording software, and Active Disk™ technology. For networks, Iomega StorCenter Pro NAS servers offer capacities of 160GB to 1.6TB. For unlimited capacity and anytime, anywhere access, Iomega offers iStorage™ secure online storage. Iomega also offers businesses and consumers a comprehensive data recovery services solution for recovering lost data due to hardware failure, file corruption or media damage. The Company can be reached at 1-888-4-IOMEGA (888-446-6342), or on the Web at www.iomega.com.
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Copyright© 2006 Iomega Corporation. All rights reserved. Iomega, Zip, REV, StorCenter, ScreenPlay, Mixx, Active Disk, iStorage, Micro Mini, and HotBurn are either registered trademarks or trademarks of Iomega Corporation in the United States and/or other countries. Certain other product names, brand names and company names may be trademarks or designations of their respective owners.
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