SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTIONS 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): March 25, 1998
IOMEGA CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
Delaware 001-12333 86-0385884
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation or Organization ) File Number) Identification No.)
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1821 West Iomega Way, Roy, UT 84067
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (801) 778-1000
This is Page 1 of 6 pages
Exhibit Index is on Page 4
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Item 5. Other Events.
Iomega Corporation (the "Company") announced on March 25, 1998 that Kim
B. Edwards had resigned as its president and chief executive officer, effective
March 24, 1998. A copy of the Company 's press release dated March 25, 1998 is
filed herewith as Exhibit 99 and incorporated herein by reference.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: March 25, 1998 IOMEGA CORPORATION
(Registrant)
By: /s/ Leonard C. Purkis
Leonard C. Purkis
Senior Vice President, Finance and
Chief Financial Officer
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EXHIBIT INDEX
Exhibit Description
99 Press release dated March 25, 1998 entitled "IOMEGA CHIEF EXECUTIVE
OFFICER RESIGNS."
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NEWS RELEASE
IOMEGA For more information contact:
Press contact:
Willow Baum, Iomega Corporation (801) 778-4298 / [email protected]
Analysts / Investors:
Susan T. Stillings, Iomega Corporation (801) 778-4668 /
[email protected]
Tyler Thatcher, Iomega Corporation (801) 778-4362 / [email protected]
FOR IMMEDIATE RELEASE
IOMEGA CHIEF EXECUTIVE OFFICER RESIGNS
James E. Sierk Named Acting CEO and President
ROY, Utah, March 25, 1998 Iomega Corporation announced today that Kim B. Edwards
resigned as president and chief executive officer effective March 24, 1998.
James E. Sierk, former senior vice president of Quality and Productivity of
Allied Signal Inc. and an Iomega board member, will assume the role of acting
president and CEO.
"The board of directors very much regrets Mr. Edward's departure," said David J.
Dunn, the chairman of Iomega's board of directors. "He has been directly
responsible for Iomega's success over the last four years. Under his leadership,
Iomega grew from $141 million in annual sales to over $1.7 billion in 1997. Kim
transformed a static, relatively small company with mature products that was
suffering losses, into a dynamic growth company. The board is extremely grateful
to Mr. Edwards for his invaluable contributions to the business."
"One of Iomega's core values has been to set and achieve unrealistic
expectations," said Mr. Edwards. "I believe that over the last few years our
people have repeatedly demonstrated the ability to do just that. I leave Iomega
confident that the management team and employees are equipped to continue this
unique tradition in which I take a great deal of pride."
Mr. Sierk, 59, who joined Iomega's board in October 1997, brings extensive
international experience to Iomega in addition to his expertise in quality and
productivity. During his 27 years with Xerox Corporation, he served as vice
president of Latin American and Canadian Operations, and vice president of Far
Eastern Manufacturing Operations.
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At Iomega, we have a strong management team with substantial depth," said Mr.
Sierk. "Each of us is dedicated to capitalizing on Iomega's extraordinary
opportunities while aggressively positioning our Zip, Jaz, Ditto and Clik!
storage solutions as standards in their respective market segments. In pursuing
these opportunities, our highest priorities will be setting and achieving new
standards for quality and customer service in our industry."
Mr. Sierk, by his own wishes, is not a candidate for the permanent position of
Iomega's president and CEO. Iomega will begin a search for a new president
immediately. The board of directors indicated that the ideal candidate would be
a senior officer, possibly a president or general manager of a substantial
division of a major company -- one that is preeminent in quality and customer
service. Iomega wants each initial sale to a customer to be the start of a
long-term, mutually rewarding experience.
Iomega Corporation manufactures personal read/write storage solutions that help
people manage their stuff -- anywhere. Iomega's products provide consumers with
what they want, when they want it, at a reasonable price. The Company's industry
storage solutions, designed for all types of computer users, include Zip drives
and genuine Zip 100 disks; Jaz one- and two-gigabyte drives and disks; and Ditto
tape backup drives and tape cartridges. Whether used in homes, business,
government and education, or by creative professionals, all Iomega storage
solutions ensure high levels of quality and reliability when using authorized
Iomega media products. Iomega products are available through computer retail
stores, resellers, major distributors and OEMs.
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Special Note: The statements in this release related to setting and achieving
new standards of quality and customer service, and the positioning of Zip, Jaz,
Ditto and Clik!, when introduced, products as the standards in their respective
markets, are forward-looking statements. There are a number of important factors
that could cause actual results to differ materially from those suggested or
indicated by such forward-looking statements. These include, among others, the
level of demand and acceptance for Iomega's drive and removable disk and tape
products, the success of establishing those products as standards in their
respective market segments, market responses to advertising campaigns,
manufacturing issues, product shipment delays, competitive factors and pricing
considerations, general economic conditions, and other factors identified in
Iomega's 1997 Annual Report and Iomega's 1996 Annual Report as filed on Form
10-K, June 4, 1996 Prospectus and most recent quarterly reports filed with the
SEC.
Iomega, Zip, Jaz, the Iomega Logo and the stylized "i" are registered trademarks
of and Ditto is a trademark of, Iomega Corporation. All other product and brand
names are the property of their respective companies.
