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JERRE L. STEAD NAMED CHAIRMAN AND CEO OF INGRAM MICROSANTA ANA, Calif., August 27, 1996 Mr. Stead is the former chairman and chief executive officer of Legent Corporation and AT&T Global Information Solutions (NCR Corporation). His appointment to head Ingram Micro's worldwide operations is the culmination of a nationwide executive search and was announced today by Martha R. Ingram, chairman of the board of Nashville, Tenn.-based Ingram Industries Inc., Ingram Micro's parent company. "Jerre Stead is known in American business for being the 'head coach' and team-builder of the companies he has run," Mrs. Ingram said, "and now he becomes the 'head coach' of an outstanding team of associates who have built Ingram Micro into the most successful microcomputer products distributor in the business &emdash; all because of our excellent service to our customers, our extraordinary systems, and the depth and breadth of our enthusiastic team of 8,200 associates." That team includes Jeffrey R. Rodek, who continues as president and chief operating officer of Ingram Micro, and David R. Dukes, who continues as vice chairman of Ingram Micro and chief executive officer of Ingram Alliance Reseller Company. John R. Ingram, co-president of Ingram Industries, directed the search for the new, permanent CEO. Mr. Ingram has served as acting CEO since the departure of Linwood A. Lacy, Jr. in May of 1996. "Jerre Stead has the experience, passion and integrity to lead our company into the future," Mr. Ingram said. "We conducted an exhaustive search for our new CEO, and Jerre ranked as our No. 1 choice. We're confident and excited that Jerre is the exact candidate we were looking for -- someone with a proven track record, great vision, global expertise, and perhaps most importantly, someone who understands that people are a company's most important asset." Mr. Ingram noted that Mr. Stead's global business experience was also a deciding factor in the selection process. "He will add a unique global business component to Ingram Micro, as he has successfully led businesses and has lived on a global basis for 28 years." Mrs. Ingram noted that Ingram Micro's plans to successfully complete its initial public offering (IPO) remain unchanged. The company has filed a registration statement with the Securities and Exchange Commission and awaits a favorable IRS ruling on a tax-free split-off from Ingram Industries. Once the IRS ruling is received, plans will be finalized on the exact timing of the IPO. "I am very pleased and excited to be joining the Ingram Micro team," Mr. Stead said. "People are the only sustainable competitive advantage an organization has, and Ingram Micro has truly outstanding associates. I will do my best to provide the leadership that makes a bright future even brighter. We will continue our rapid growth in the worldwide market by being the best value supplier and partner. Together, we will be the very best!" Mr. Stead began his career in 1965 at Honeywell Inc. and served over 21 years in a number of management positions in the U.S. and Europe. In 1987, he was named president and chief operating officer of Palatine, Ill.-based Square D Co., where he became chairman and chief executive officer in 1989. In 1991, he was named president and chief executive officer of AT&T's Global Business Communications Systems. Two years later, he was named executive vice president of AT&T and chairman and CEO of the company's Global Information Solutions business. He led the company into a new strategic direction, providing customers with solutions to receive, move and use information. Mr. Stead became chairman and chief executive officer of Legent Corporation on Jan. 1, 1995 and resigned the following Aug. 31 after the successful merger of Computer Associates and Legent. Mr. Stead is a graduate of the University of Iowa where he earned a bachelor's degree in business administration in 1965. He is also a graduate of the Harvard University Advanced Management Program in Switzerland. He and his wife, Mary Joy, have two sons, Joel and Jay. Ingram Micro Inc., headquartered in Santa Ana, Calif., is the world's largest wholesale distributor of microcomputer products, with 1995 sales of $8.617 billion. The company's inventory includes 36,000 products from more than 1,100 of the world's leading hardware and software companies. Affiliates in 15 countries sell to 105,000 resellers in 120 countries. Ingram Micro is the leading provider of advanced value-added services including technical support, field services, configuration, and fulfillment. |
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Contact: |
Ingram Micro Inc. Keel Hunt |