ANOTHER Ceo "Retires" - Major Corp. IOMEGA! - article : LUSENET : TimeBomb 2000 (Y2000) : One Thread

Link to Press Release

Snip from the full press release:

ROY, Utah--(BUSINESS WIRE)--Aug. 19, 1999--Iomega Corporation (NYSE:IOM) announced today that effective August 31, 1999,

In resigning, Mr. Glore said that he made this decision for personal reasons and that he is not leaving for another job. "I expect to take my first vacation in three years and spend time with my family," said Glore.


Jodie Glore has informed Iomega's board of directors that he is resigning as president and CEO, effective August 31st. I and every other member of Iomega's board deeply regret Jodie's decision. We believe that he has gotten off to a good start and has the potential to do an outstanding job for Iomega. On a personal basis, working with Jodie has been a pleasure - he is one of the finest people I've worked with. I and everyone else at Iomega will miss him.

Jodie will have to speak for himself as to his reason for leaving. I can only say that it was not because of a lack of confidence in him or support of him by the board of directors. He informs me that he is not leaving for another position and intends to take a vacation and spend time with his family.

-- karen (karen@karen.karen), September 08, 1999


All right, lets not jump to conclusions. The dude probably just always had a deep-seated notion to quit and to "move away from it all". And take up small scale farming. And, just out of curiosity and for the challenge, to become completely self-sufficient. And probably, since he never really trusted banks or the stock market anyway, cash out. And, what the hey, you never know, maybe gold and silver might skyrocket in value, never hurts to have a lot. In hand, of course. In small coins.

But, lets not jump to conclusions.

-- King of Spain (, September 08, 1999.

"Personal Reasons" and "To Spend Time With My Family" are often euphamisms for two things:

1. Forced Resignation. Doesn't seem to be the case here, but you never know for sure.

2. Health Problems. I've seen this same style of press release only to be followed in a few months by the person's obituary (or that of a spouse or child) more than once.

-- Paul Neuhardt (, September 08, 1999.


That reminds me... I wonder if my IOMEGA Zip Drive is Y2K compliant.

Get ready for Y2K... y2k/index.html

Interesting little Y2K animation... y2k/flash.html

Lots to nose around in.


-- Diane J. Squire (, September 08, 1999.

Ah heck!

Donno what happened, but each time I goto it now converts to jibberish... and this URL...

Is it me... or them?



-- Diane J. Squire (, September 08, 1999.

Iomega was obviously struggling when the previous CEO bailed out in March, 1998, and now the new CEO (on the job only 10 months) decides "Hey, a vacation sounds pretty good right about now." Iomega's financials and prospects must really stink.

Here's an article from the Motley Fool site (including a "CEO job applications" contest they conducted) about Iomega's hiring of Mr. Glore:

October 23, 1998: New Iomega CEO

-- Mac (sneak@lurk.hid), September 08, 1999.

Rats deserting a sinking ship is just too good a euphamism to mess with...

-- Gia (, September 08, 1999.


Sabre Holdings Shares Fall After Chief Executive Michael Durham Resigns By Loren Steffy

Sabre Holdings Shares Fall After CEO Michael Durham Resigns

Fort Worth, Texas, Sept. 8 (Bloomberg) -- Sabre Holdings Corp.'s shares fell as much as 9.5 percent after Chief Executive Michael Durham resigned from the world's largest travel reservation company.

Sabre fell 4 5/8 to 48 1/8 in late morning trading, making it one of the biggest percentage decliners on the New York Stock Exchange. Earlier, the shares slid to 47 3/4. The stock has decreased about 32 percent since July 6.

Durham, 48, didn't unveil his plans or give a reason for leaving. He wasn't immediately available to comment. ``It's simply the right time to do something different,'' he said in a statement.

The departure comes just weeks after Sabre reported a slowdown in its computer services business, which runs systems for airlines including AMR Corp.'s American Airlines unit. Sabre's services revenue rose just 5.3 percent in the second quarter, a fraction of the 72 percent growth a year earlier. Just last week, the company fired 329 workers to cut costs.

At the time, Durham blamed the winding down of a two-year program to convert US Airways Group Inc.'s computer systems to Sabre's and a decline in Year 2000 work at American, which is largely completed.

John Pincavage, an analyst with Warburg Dillon Read LLC, said he doesn't expect Durham's departure to change Fort Worth, Texas-based Sabre's strategy of expanding its computer services and travel distribution businesses. ``Mr. Durham's surprising departure from Sabre should have little negative impact,'' Pincavage, who rates Sabre a ``buy,'' said in a report today.

Competing for Contracts

Durham, who had been AMR's chief financial officer, oversaw Sabre's 1996 spinoff from the airline company, which owns 83 percent of Sabre's shares. He also is credited with developing the company's computer services strategy, which in recent months has been competing for contracts from AMR competitors such as Continental Airlines Inc. and UAL Corp.'s United Airlines.

Sabre Chairman Donald Carty, also AMR's chairman and CEO, was named Sabre's interim CEO. Sabre has hired a search firm to seek a permanent replacement.

In addition to computer services, Sabre operates a worldwide reservation systems used by more than 40,000 travel agencies and runs, the leading Internet travel site. s=7518a512b1e1e5ad591b59650ff6fb3a

-- c (gonesoon@woods.home), September 08, 1999.


FWIW, I can get to, but at the java link I get nothing, probably because I have java turned off on my browser.


-- Jerry B (, September 08, 1999.

Moderation questions? read the FAQ