Kent Foster, Recent GTE Corp President, Brings a Track Record of Leading Change in a Dynamic Industry; Appointed by the Board of Directors as Ingram Micro CEO
SANTA ANA, Calif., March 6 /PRNewswire/ -- Ingram Micro Inc. (NYSE:IM)
, the world's largest wholesale provider of technology products and services, today named Kent B. Foster, 56, as chief executive officer and president. Foster joins Ingram Micro with more than 20 years in top leadership positions with GTE Corp. and a proven ability to transform a sizable organization to pursue new market opportunities. He was also elected as a member of Ingram Micro's board of directors. Jerre L. Stead will remain chairman of the board until his retirement at the company's annual meeting of shareowners in May, at which time Foster will succeed him as chairman.
"Kent has demonstrated exceptional leadership in his career at GTE," said Jerre L. Stead, chairman, Ingram Micro. "He has a track record of successfully uniting multiple business units made up of more than 100,000 employees behind a single purpose and objective to enable change, encourage team work and deliver consistent results. We chose Kent because he has the focus and entrepreneurial spirit to lead the transformation of Ingram Micro into a service powerhouse."
During his 29-year tenure at GTE, Foster led the company from a local telephone provider to a global leader in telecommunications services with revenues of $25 billion, providing local telephone service, wireless service, nationwide long-distance, directory and internetworking services ranging from dial-up Internet access to Web-based applications. Foster was the architect of the strategy to focus GTE on Internet and data services and led the company's re-entry into long distance. Further, he is credited with changing the cost structure of a historically inefficient local telephone network to be competitive for deregulation, resulting in a turn around of the company's core wireline business, representing approximately 60 percent of GTE's operating revenue. A president of GTE Northwest at age 38, Foster was the youngest-ever GTE operating company president. He was selected as group vice president and later president, GTE telephone operations due to his forward-looking perspective and ability to execute upon key business initiatives. As president of GTE telephone operations, Foster was responsible for the massive consolidation of 14 autonomous operating companies into a single business unit. He was a member of GTE's board of directors since 1992 and a vice chairman since 1993. He currently sits on the boards of Campbell Soup Co., J.C. Penney Co. Inc., New York Life Insurance Co., the Dallas Symphony Orchestra and the Dallas Opera.
Leading a New Era
"Ingram Micro has an exciting future, and I want to be a part of it," said Kent Foster, chief executive officer and president, Ingram Micro Inc. "The company has a great group of leaders on board, and I am eager to work as part of this team of seasoned professionals to build upon the strategies and services that have been established. Our objective will be to develop the opportunities and changes required in this rapid-fire industry to take this company to the next level."
Foster will be responsible for executing the vision of Ingram Micro to become the leading service provider of logistics and business automation, leveraging the company's worldwide infrastructure to support its rapid growth.
E-commerce has dramatically changed how wholesale distribution is defined for the information technology (IT) industry. Ingram Micro recognized this shift early on and developed strategic initiatives to meet the growing demands of its customers. The initiatives include eSolutions for e-commerce services; the expansion of its Consumer Markets Division to serve online resellers; Global Partner Services to serve manufacturers; and VentureTech Network to serve small and midsize technology solutions providers. As programs with sizable dedicated resources, these initiatives combine to form a comprehensive service offering. Foster will provide the vision and support to the presidents who head up each major geographical region, to implement the leadership, methodology and focus necessary for the company to succeed in this new era.
Foster Leads Execution, Stead Recognized for Vision
"Kent is clearly the right choice to lead this company, given the parallel between his accomplishments at GTE and our needs at Ingram Micro," said Joe B. Wyatt, chancellor, Vanderbilt University and chairman of the Ingram Micro board's special search committee. "We would also like to recognize and thank Jerre for his numerous contributions since 1996 and his vision for transforming both Ingram Micro and the IT industry supply chain. We look forward to a smooth hand-off from Jerre to Kent for the leadership of Ingram Micro."
Stead will officially retire as chairman of the board of Ingram Micro at the company's annual meeting of shareowners in May with more than three years as chairman and chief executive officer. In his tenure, Stead expanded the global reach of the organization significantly and made strategic investments in Ingram Micro's e-commerce capabilities, dramatically impacting the way customers and partners interact with the company. Stead pioneered efforts throughout the industry to automate and streamline the technology supply chain from manufacturer to end user, leading to the launch of initiatives such as the Global Technology Distribution Council, RosettaNet and Viacore Inc.
About Ingram Micro Inc.
Operating in 34 countries, Ingram Micro Inc. (NYSE:IM)
is the world's largest wholesale provider of technology products and services, with sales exceeding $28 billion in 1999. Ingram Micro's key business units deliver fulfillment and distribution, product acquisition and selection, supply-chain automation and programs, as well as eProcurement to more than 175,000 technology solution providers, manufacturers and businesses located in more than 100 countries. Ingram Micro is driving the evolution of wholesale distribution for the information technology industry and is the operations engine behind leading global e-businesses today. Ingram Micro can be found at www.ingrammicro.com.
Source: Ingram Micro Inc.
Contact: Jennifer Marchetta of Benjamin Group/BSMG Worldwide,
714-382-1403, jennifer_marchetta@benjamingroup.com, for Ingram Micro Inc.; or
Kimmerly Strohm, Media Relations of Ingram Micro Inc., 714-382-4400,
kim.strohm@ingrammicro.com
Website: http://www.ingrammicro.com/