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CEO of storage maker Iomega resigns

The company says President and CEO Bruce Albertson has resigned because of disagreements with the board of directors.

Storage maker Iomega announced Monday that President and CEO Bruce Albertson has resigned because of disagreements with the company's board of directors.

Once a high-flying brand name in the computer-hardware business, thanks largely to its popular Zip drives, Iomega has declined in recent years as roomy hard drives and the growth of alternative formats such as rewritable CDs have sapped the market for consumer storage devices.

Iomega has responded by trying to expand its business in several directions, selling MP3 players on the consumer side and getting into network-attached storage (NAS) on the corporate side.

In a statement, Iomega Chairman David J. Dunn said Albertson's resignation was "in large part the result of differences between Bruce and the board over the long-term strategic direction of the company."

Dunn added that the board will look for areas to cut expenses and trim unprofitable product lines.

"We expect that there will be some restructuring charges and possible write-offs, but their nature and extent will have to await completion of the board's review," he said.