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High Turnover Turns Off Wall Street.

IOMEGA HAS A NEW CEO. Again Werner Held is the fourth CEO to head the Roy, UT, data storage company since Kim Edwards, progenitor of the Zip drive, left in 1998. Held, formerly president of Proxima, lays claim to 16 years of experience in the computer peripherals industry, 12 of which were spent in marketing roles at Hewlett-Packard.

Heid's arrival left long-time Iomega analyst Howard Rosencrans unmoved: "Werner Held? Who's that?"

Rosencrans, senior security analyst at HD Brous & Co. in Great Neck, NY, sees challenges ahead for Heid: "Iomega's going to go bankrupt, so if somebody wants to hang around and pick up a big paycheck, they can, but [Iomega is] going to go out; they're not a survivor."

Heid thinks differently, having vetted the company before taking the top post. "I was very aware of the challenges ahead when I took this job. It will take a dramatic restructuring, but Iomega has a good brand name and a large installed base of users. The history of high turnover is there, but it wasn't a consideration for me."

Iomega isn't the only company churning CEOs. A number of others are growing weary of restocking their corporate stationery every time a CEO leaves. These include Lucent, which was still looking for a CEO to replace its interim leader at press time, and Hercules Inc., which is doubtless hoping its latest CEO William Joyce--its third in 15 months--sticks around long enough to justify the new business cards; or better yet, say industry observers, sell off the indebted company.
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Title Annotation:Werner Heid new CEO of IOMEGA Corp.
Publication:Chief Executive (U.S.)
Article Type:Brief Article
Geographic Code:1USA
Date:Aug 1, 2001
Words:256
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