SANTA ANA, Calif., April 6 /PRNewswire-FirstCall/ -- Leading technology
distributor Ingram Micro Inc. (NYSE: IM) today announced that Kent B. Foster,
chairman and chief executive officer, has decided to retire as the company's
chief executive officer and will become non-executive chairman, effective
June 1, 2005.
Gregory M.E. Spierkel, president, will replace Foster as chief executive
officer, while Kevin M. Murai, currently president along with Spierkel, will
be promoted to president and chief operating officer. Both Spierkel and Murai
have been nominated to stand for election to the board of directors at the
company's June 1, 2005, annual meeting of shareowners.
"The board believes that Kent's achievements over the last five years have
been exemplary and the company is fortunate that he agreed to serve as
non-executive chairman," said Joe B. Wyatt, lead director of Ingram Micro's
board. "By nearly every measure, the company has become stronger and more
nimble under Kent's leadership. The improvements made during his tenure are
far-reaching. He worked tirelessly to develop a stronger management team,
build a rock-solid balance sheet, create a more effective infrastructure and
generate greater earnings leverage. The company is now on a solid foundation
for growth. Greg and Kevin are high-caliber executives, and the board is
confident that they are well prepared to lead Ingram Micro to future success.
This will continue to be a powerful, enthusiastic leadership team with an
impressive command of the business."
According to Dale Laurance, member of the board of directors and chair of
the board's corporate governance committee, the company has been diligent
about succession planning and is committed to strong corporate governance.
"Kent is an excellent chairman with significant board experience, and
we're pleased that he will maintain that role," said Laurence. "His
continuing leadership creates a healthy transition for the company. The
separation of the chairman and CEO position is considered best practice by
many corporate governance experts. In this new structure, Kent will continue
to preside over board activities, but will transfer his day-to-day management
of the company to Greg and Kevin. With Kent in a separate chairman position,
the board's management oversight capabilities will strengthen and the company
will continue to benefit from his business expertise and knowledge of the
organization."
Foster, who celebrated his fifth anniversary with the company last month,
added that he is looking forward to providing ongoing counsel to the executive
team and leadership to the board.
"I have tremendous respect for the entire Ingram Micro organization and
I'm honored that the board has asked me to maintain my connection to the
company as chairman," he said. "I'm proud of the team's accomplishments
during my years as chairman and CEO. Through hard work and dedication to
being the best, we have significantly improved the company's operations and
position in the worldwide marketplace. Greg and Kevin played major roles in
our success story. They have excelled as presidents, leading the company
through its largest acquisition, innovative business model enhancements and
major growth initiatives. They make a great team, with complementary skills
and experience, and are superb leaders. I'm confident that they will continue
to drive success for our organization."
Spierkel, 48, joined Ingram Micro in 1997 as president of the Asia-Pacific
region. He was instrumental in the acquisition of Electronic Resources
Limited, which established the company's presence in the region. Two years
later, he became president of Ingram Micro Europe, where he led the operation
from break-even performance to the regional profit leader. He was promoted to
corporate president in March 2004. Before joining Ingram Micro, Spierkel
spent 11 years at Mitel Corporation, a Canadian manufacturer of
telecommunications and semiconductor products, where he was president of North
America and vice president of global sales and marketing.
Murai, 41, joined Ingram Micro in 1988 as an information systems manager
for the Canadian region. He became vice president of Canadian operations in
1993 and president of Ingram Micro Canada in 1997. In early 2000, he was
promoted to president of Ingram Micro U.S. and was named president of the
North American region when the company consolidated the United States and
Canadian regions two years later. He was promoted to corporate president in
March 2004.
"On behalf of the board of directors, I congratulate Greg and Kevin on
their promotions," said Wyatt. "We look forward supporting them as the
company pursues its plans for profitable growth. And, we especially want to
thank Kent for his tremendous work as CEO. He put this company on the right
path, and we appreciate his leadership. We are grateful that he will continue
this legacy at the board level."
About Ingram Micro Inc.
Ingram Micro is the world's largest technology distributor. As a vital
link in the technology value chain, Ingram Micro creates sales and
profitability opportunities for vendors and resellers through unique marketing
programs, outsourced logistics services, technical support, financial
services, and product aggregation and distribution. The company serves
100 countries and is the only global IT distributor with operations in Asia.
Visit www.ingrammicro.com.
(C) 2005 Ingram Micro Inc. All rights reserved. Ingram Micro and the
registered Ingram Micro logo are trademarks used under license by Ingram Micro
Inc.
SOURCE Ingram Micro Inc.
04/06/2005
CONTACT: Worldwide Media and Investors,
Ria Marie Carlson,
+1-714-382-4400, ria.carlson@ingrammicro.com,
or North American Media,
Jennifer Baier, +1-714-382-2692, jennifer.baier@ingrammicro.com,
both of
Ingram Micro Inc.
Web site: http://www.ingrammicro.com
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