Iomega CEO steps down

Kim Edwards, Iomega (Roy, UT) has stepped down, in response to the company's poor financial showing in Q1 '98. Iomega reported last week that it will report a loss of between $10 million and $25 million, due to weak sales, incremental marketing expenses and higher-than-normal inventory levels. Under Edwards' direction, Iomega saw annual sales rise from $141 million to $1.7 billion in 1997, and lately it appeared Iomega had surged ahead in the market battle with

Syquest (Fremont, CA), its main competitor. Iomega board member James Sierk will temporarily assume the CEO responsibilities; a search is now under way for a permanent replacement.