Foster to Retire as Ingram Micro CEO, Will Become Non-Executive Chairman Greg Spierkel Appointed CEO Kevin Murai Promoted to Pre
April 06 2005 - 5:15PM
PR Newswire (US)
Foster to Retire as Ingram Micro CEO, Will Become Non-Executive
Chairman Greg Spierkel Appointed CEO Kevin Murai Promoted to
President and COO 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
http://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. DATASOURCE:
Ingram Micro Inc. CONTACT: Worldwide Media and Investors, Ria Marie
Carlson, +1-714-382-4400, , or North American Media, Jennifer
Baier, +1-714-382-2692, , both of Ingram Micro Inc. Web site:
http://www.ingrammicro.com/
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