By Joey Gardiner, 21 August 2001 15:10
NEWS Personal storage specialist Iomega has offered its recently banished CEO over $1m in severance pay and have legally bound him not to make disparaging remarks about the company. CEO Bruce Albertson left the firm - which makes the successful Jaz and Zip drives - in May after a disagreement with the board over the future direction of the company. Albertson's eighteen-month tenure at the Silicon Valley tech firm, attempted to turn round declining sales of core products by releasing new technologies. Now it has emerged that despite his perceived failure he will still be paid a salary and bonuses for a year after his departure - an amount totalling $1,050,000. His severance letter gives further indication of the level to which relations had sank with the board. It specifically binds him "not to disparage, orally or in writing, the Company, its directors, officers, employees, management, operations, products, designs, or any other aspects of the Company's affairs to any third person or entity". It has now appointed Werner T. Heid, a former HP executive as CEO and President.
In order to post a comment you need to be registered and logged in.
Log in or create your silicon.com account below