Ingram Micro Appoints New Chief, Expects Q4 2011 Earnings to Beat Street Estimates
Current president and COO Alain Monie promoted to distributor’s top spot.
Ingram Micro Inc. said that it has promoted Alain Monie to president and chief executive effective immediately, replacing Gregory Spierkel, who has held the distributor’s top spot since 2005 and will stay on until mid-April to assist with the transition.
Monie was promoted from his position as president and chief operating officer (COO), his second such stint at that post with the company, the first of which occurred from 2007 until 2010. After resigning to join April Management Pte. as chief executive, Monie returned to Ingram last year for his second term as president and COO and was elected to the distributor’s board of directors.
"Ingram Micro has a solid strategy with a strong management team," said Monie. "We will continue to execute this strategy,” he said.
Ingram also said that it expects that its Q4 2011 earnings will exceed Wall Street analysts’ expectations of 55 cents per share, boosted in part by healthy margins on hard drives.
"We finished the year with solid overall operating results, with revenue in-line with our expectations and profitability benefiting from favorable margins on hard disk drives driven by the global supply shortage," Monie said.
Ingram said that it will release its Q4 2011 results on Feb. 9, 2012.
Spierkel, a 15-year company veteran who headed Ingram’s Asia-Pacific and EMEA operations before his promotions to corporate president in March, 2004 and chief executive in June, 2005, did not publicly disclose if he had accepted another position.
After serving as CEO for more than six years, it's the right time to leave and spend more time with my family," he said.
Monie commands an extensive international background, particularly in Asia and Latin America. He served as president of Ingram’s Asia-Pacific operation from 2004 to 2007, led operations for Honeywell International in Latin American and Allied Signal Inc. in Asia-Pacific, in addition to his turn as Asia-based April Management’s chief. Monie has been a member of Amazon.com’s board of directors since 2008.
Dale Laurance, Ingram chairman of the board, said of Monie that he is an “outstanding and worldly leader, fluent in three languages with first-hand global business experience. He has proven to be a strong executive with good strategic thinking."