ConnectWise Names Two Outside Board Members
ConnectWise this week appointed two new members to its board of directors, the first outside directors in the company’s history.
Steven A. Raymund and Stanley I. Levy – both veterans of corporate governance – joined the board effective immediately and will serve on the company’s audit committee, of which Levy will be chair.
Their skill sets make them ideally suited to help ConnectWise in its ambitions to increase its global footprint and possibly secure outside investment to fuel that growth.
“Adding highly experienced outside directors to the ConnectWise board expands our thinking about how to grow our business and provides new insight into ways to finance future growth,” ConnectWise CEO Arnie Bellini said in an email to MSPmentor.
“Today, ConnectWise has zero debt and monthly free cash flow of about $1 million hitting the bottom line, so access to capital is not a concern,” he continued. “But it’s nice to know that we’re well-positioned to take advantage of alternative financing, such as VC investments, bank loans and a public offering, should we decide to do so at some point in the future.”
Raymond spent 36 years at channel pioneer Tech Data Corporation, retiring this summer as chairman of the board.
He spent 20 of those years as CEO.
Raymond also serves on the boards of Jabil, Inc.; WESCO International Inc.; John Hopkins All Children’s Hospital in Florida; and the University of Oregon Foundation.
Levy worked 35 years at Grant Thornton, LLP, one of the world’s biggest audit, tax and advisory services organizations.
Before retiring in 2012, he held positions as a regional managing partner, a member of the senior leadership team, national director of capital markets and president of the Grant Thornton Foundation.
In 2013, he formed Levy Advisors LLC, providing strategic consulting to CEOs, boards and private equity groups.
His board experience includes terms with University of South Florida Board of Trustees, Florida Funders Advisory Committee, University of Florida’s business and accounting schools’ advisory boards, Florida Venture Forum, Florida Holocaust Museum and the Jewish National Fund.
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