Ingram Micro Names New President & COO: Distributor Shake Up?
Distributor Ingram Micro (IM) has named Paul Read, a former Flextronics (FLEX) top executive, as its new president and chief operating officer (COO), a move CEO Alain Monie said will free him up to plot new growth opportunities for the company to improve profits and shareholder value.
Read, who has stepped down from a seat on Ingram’s board he took a year ago, will oversee Ingram’s global IT distribution business and the various logistics support organizations. The distributor’s regional presidents will report directly to Read, and he, in turn, will report to Monie.
Bill Humes, who has served in the dual role of Ingram’s COO and chief financial officer (CFO) since April, 2012, will relinquish his operational duties but retain his responsibility for the company’s global finance organization and add to his duties the global shared services centers and strategic sourcing operations. Humes, a 15-year Ingram veteran, will continue to report to Monie.
Monie praised Read for the strength of his IT supply chain background and said the organizational changes will have a material impact on the company’s profitability and shareholder value.
"Paul is an experienced operator and seasoned executive and we are fortunate to have him join the Ingram Micro team," said Monie. "His extensive background in the IT supply chain will help us as we strive to drive growth and greater returns across all of our business lines," he said.
"These changes will allow me to devote more time to new and future strategic growth opportunities. Paul, Bill and I, with the rest of the executive team, are focused on improving profitability and delivering better shareholder returns."
Seasoned Executive
Read’s background includes an 18-year stint as Flextronics CFO and executive vice president, ascending from prior duties as the company's executive vice president of finance for worldwide operations. Before Flextronics, he held various senior financial positions in the U.K. with Allied Steel and Wire, STI Telecommunications and Associated British Foods.
Ingram also appointed Wade Oosterman, Bell Canada’s president, mobility and residential services president and chief brand officer, as its 11th board member, replacing Read. Oosterman, who will serve as an independent director, took the seat effective Sept. 18, 2013.
