Iomega's Roller Coaster
JAN. 1, 1994
GE veteran Kim Edwards is hired. With Iomega stock at 3/16 and sales plummeting, he starts development of a new kind of portable storage, the Zip drive.
MAR. 14, 1996
Thanks to glitzy mar-keting, Zip shipments reach 1 million and sales more than triple for the year, to $1.2 billion.
MAY 22, 1996
Urged on by its frenzied Internet followers, Iomega stock hits a high of 27.
APR. 25, 1997
The company recalls 75,000 diskettes for its high-capacity Jaz drive.
OCT. 16, 1997
James Sierk, a retired AlliedSignal exec with a background in total quality management, joins Iomega's board at Chairman David Dunn's behest.
JAN. 25, 1998
Iomega runs a high-priced ad during the Super Bowl--part of Edwards' $200 million marketing push for 1998.
FEB. 17, 1998
Iomega agrees to settle a class-action suit related to its customer service. Besides setting up a Web site and promising to limit hold times to 10 minutes, Iomega offers toll-free support and extends some warranties.
MAR. 16, 1998
Edwards warns of a first-quarter loss of up to $25 million on flat sales, sending the stock down 16%, to 7 1/16.
MAR. 25, 1998
Edwards resigns. Sierk takes over as interim chief.
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