New CFO Brings More Than 25 Years of Strategic Financial Management Experience to Leading Global IT Distributor
SANTA ANA, Calif., July 16 /PRNewswire/ -- Ingram Micro Inc. (NYSE:IM)
, the largest global wholesale provider of technology products and supply chain management services, today announced the appointment of Thomas A. Madden, 47, as executive vice president and chief financial officer (CFO), effective July 23, 2001. He replaces Michael J. Grainger, who was promoted to president and chief operating officer earlier this year.
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A veteran finance and strategy executive, Madden joins Ingram Micro from Troy, Mich.-based ArvinMeritor, Inc., a global supplier of systems, modules and components for the automotive industry, where he served as senior vice president and CFO. Madden was instrumental in the merger of Meritor Automotive and Arvin Industries last year as well as Meritor's spin-off from Rockwell International in 1997. At Meritor, he provided strategic leadership across all business units as the company expanded operating margins, which increased from 3.4 percent to 8.2 percent in a five-year period.
"Tom brings the right mix of skills and experience to Ingram Micro," said Kent B. Foster, chairman and chief executive officer, Ingram Micro, Inc. "He has a proven track record in financial management with a large corporation such as Rockwell International and he's been a strong leader in managing cost-reduction and business restructuring programs. He'll play a key role in our efforts to reduce expenses, maximize profits, and pursue new strategic initiatives."
As CFO, Madden will report to Foster and direct Ingram Micro's global financial operations, supervising Ingram Micro's worldwide treasury and finance and accounting departments, as well as regional finance activities. "I am impressed with Ingram Micro's ability to make thoughtful, yet difficult, decisions and execute them successfully," said Madden. "In recent months, the company has carefully expanded margins, significantly improved its balance sheet and identified programs that enhance operating efficiencies. Its actions demonstrate strong leadership. I look forward to helping Ingram Micro build on its strengths and create an even more compelling investment for shareowners."
Prior to Meritor Automotive, Madden held various management positions with Rockwell International Inc. from 1981 to 1997, including vice president of corporate development (1996-1997), vice president of finance (1994-1996), assistant corporate controller (1987-1994), director of financial reporting (1982-1987) and manager, external financial reports (1981-1982).
A certified public accountant, Madden began his career as an auditor and audit manager at Coopers & Lybrand in Pittsburgh. He has a master's in business administration from the University of Pittsburgh and received a bachelor of science in business administration and accounting from Indiana University of Pennsylvania.
About Ingram Micro Inc.
Ingram Micro Inc. is the largest global wholesale provider of technology products and supply chain management services. The company operates in 36 countries with sales of $30.7 billion for the fiscal year 2000. Ingram Micro's global regions provide the distribution of technology products and services, marketing development and supply chain management services to more than 175,000 technology solution providers and 1,700 manufacturers. The company is focused on maximizing shareowner value and achieving customer satisfaction through innovation in the IT supply chain. Visit http://www.ingrammicro.com/.
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Source: Ingram Micro Inc.
Contact: media, Jennifer Marchetta of Ingram Micro Inc., 714-382-1403,
jennifer.marchetta@ingrammicro.com; or Lisa Falcetti, ext. 234,
lfalcetti@bsmg.com, or Marie Meoli, ext. 229, mmeoli@bsmg.com, of Benjamin
Group/BSMG, 949-260-1300, for Ingram Micro Inc.; or investors, Ria Marie
Carlson of Ingram Micro, Inc., 714-382-4400, ria.carlson@ingrammicro.com
Website: http://www.ingrammicro.com/