"As you get bigger it is very hard to get the same growth levels, " Sierk adds.

FORBES: Growing up

The first order of business for Sierk and his crew is to reduce costs and improve quality.

FORBES: Growing up

"This is a company that has a wonderful growth history and a wonderful growth culture, " says Sierk, 59.

FORBES: Growing up

But ultimately Iomega's success remains tied to how well the new management team Sierk is installing can iron out the operational snafus.

FORBES: Growing up

Along with cutting costs, Flaig and Sierk are looking to improve quality.

FORBES: Growing up

And if Sierk's team can patch things up quickly enough, Iomega's stock, hovering near a 52-week low looks like a tempting long-term buy.

FORBES: Growing up

They have enrolled the company on the so-called "Six Sigma" program, a management program championed by, among others, General Electric's Jack Welsh and used to great effect at Sierk's old employer, AlliedSignal.

FORBES: Growing up

But luckily, Sierk, the interim CEO, seems the man for the job. (Click here to see if you have the right stuff to be Iomega's permanent boss.) With years of operational experience at Xerox and AlliedSignal under his belt, he is moving quickly to plug the leaks.

FORBES: Growing up