To further accelerate Ingram Micro's (NYSE: IM) global growth and profitability plans and take full advantage of the diverse and complementary experience, tenure and skill sets of its senior leaders, Ingram Micro president and chief executive officer Alain Monie announced the following changes within the company's executive leadership team.
"These executive moves further increase the resources and focus devoted to executing on our strategies and driving solid, profitable growth across all of our businesses," said Monie. "We are fortunate to have an excellent team of global leaders ready to take increased responsibilities and I look forward to continuing to work closely with all of our executives to deliver on our near- and longer-term global growth, profitability and total shareholder returns commitments."
Cautionary Statement for the Purpose of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995
The matters in this press release that are forward-looking statements are based on current management expectations. Certain risks may cause such expectations to not be achieved and, in turn, may have a material adverse effect on Ingram Micro's business, financial condition and results of operations. Ingram Micro disclaims any duty to update any forward-looking statements. Important risk factors that could cause actual results to differ materially from those discussed in the forward-looking statements include, without limitation: (1) we have made and expect to continue to make investments in new businesses and initiatives, including acquisitions, which could disrupt our business and have an adverse effect on our operating results; (2) we are dependent on a variety of information systems, which, if not properly functioning, or unavailable, or if we experience system security breaches, data protection breaches, or other cyber-attacks, could adversely disrupt our business and harm our reputation and earnings; (3) changes in macro-economic conditions may negatively impact a number of risk factors which, individually or in the aggregate, could adversely affect our results of operations, financial condition and cash flows; (4) we continually experience intense competition across all markets for our products and services; (5) we operate a global business that exposes us to risks associated with conducting business in multiple jurisdictions; (6) our failure to adequately adapt to IT industry changes could negatively impact our future operating results; (7) terminations of a supply or services agreement or a significant change in supplier terms or conditions of sale could negatively affect our operating margins, revenue or the level of capital required to fund our operations; (8) substantial defaults by our customers or the loss of significant customers could have a negative impact on our business, results of operations, financial condition or liquidity; (9) changes in, or interpretations of, tax rules and regulations, changes in the mix of our business amongst different tax jurisdictions, and deterioration of the performance of our business may adversely affect our effective income tax rates or operating margins and we may be required to pay additional taxes and/or tax assessments, as well as record valuation allowances relating to our deferred tax assets; (10) changes in our credit rating or other market factors such as adverse capital and credit market conditions or reductions in cash flow from operations may affect our ability to meet liquidity needs, reduce access to capital, and/or increase our costs of borrowing; (11) failure to retain and recruit key personnel would harm our ability to meet key objectives; (12) we cannot predict with certainty what loss we might incur as a result of litigation matters and contingencies that we may be involved with from time to time; (13) we may incur material litigation, regulatory or operational costs or expenses, and may be frustrated in our marketing efforts, as a result of environmental regulations or private intellectual property enforcement disputes; (14) we face a variety of risks in our reliance on third-party service companies, including shipping companies for the delivery of our products and outsourcing arrangements; (15) changes in accounting rules could adversely affect our future operating results; and (16) our quarterly results have fluctuated significantly. We also face a variety of risks associated with our recently completed acquisition of Brightpoint, Inc., Aptec and Promark, including: management's ability to execute its plans, strategies and objectives for future operations, including the execution of integration plans; growth of the mobility industry; the government contracts business, and in new and untapped markets in geographies outside the U.S.; and other uncertainties or unknown, underestimated and/or undisclosed commitments or liabilities; and our ability to achieve the expected benefits and manage the costs of the integrations of recent acquisitions.
Ingram Micro has instituted in the past and continues to institute changes to its strategies, operations and processes to address these risk factors and to mitigate their impact on Ingram Micro's results of operations and financial condition. However, no assurances can be given that Ingram Micro will be successful in these efforts. For a further discussion of significant factors to consider in connection with forward-looking statements concerning Ingram Micro, reference is made to Item 1A Risk Factors of Ingram Micro's Annual Report on Form 10-K for the fiscal year ended December 29, 2012 and Form 10-Q for the fiscal quarter ended March 30, 2013; other risks or uncertainties may be detailed from time to time in Ingram Micro's future SEC filings.
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"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Ingram Micro's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.
- Shailendra Gupta, 50, will assume the newly created role of senior executive vice president, Mobility. In this position, he will focus on driving accelerated growth and profitability across the globe for this highly strategic market, including realizing meaningful near- and longer-term revenue and cost synergies from the October 2012 acquisition of device lifecycle mobility leader Brightpoint, Inc. In addition to his recent role as integration lead on BrightPoint, Gupta has spent the last six years heading Ingram Micro's Asia Pacific operations as senior executive vice president and president, Asia Pacific. In this role he has excelled at identifying and capitalizing on early market trends that have resulted in significant revenue growth and profitability contribution from key emerging markets including China and India. Gupta was CEO of Tech Pacific when Ingram Micro acquired it in 2004, its largest acquisition prior to BrightPoint. He then joined Ingram Micro and successfully led the seven country Tech Pacific integration. In his new global role, Gupta will remain in Singapore and will continue to report to Monie as a member of Ingram Micro's executive leadership team.
- John Soumbasakis, 43, will be promoted to senior executive vice president and president, Asia Pacific. In his more than 10 year tenure with Ingram Micro, Soumbasakis has risen quickly through the ranks, and currently serves as executive vice president and president, Latin America, where he has regularly delivered record quarterly revenues and operating profitability for the region. He also championed and led the efforts to rebuild the company's operations in Brazil, returning the country to strong growth and significantly improving operating results after many quarters of underperformance. Previously, Soumbasakis served as senior vice president for Ingram Micro's Specialty Solutions Division in North America, where his responsibilities included oversight of strategy development and execution, as well as day-to-day operations. He will be based in Singapore and will continue to report to Monie as a member of Ingram Micro's executive leadership team.
- Alain Maquet, 61, will assume the position of senior executive vice president, corporate. In his new role, Maquet will leverage more than three decades of experience in the IT industry to assist the company in continuing to improve its operational excellence and further expand globally its strategic initiatives. Maquet will also assume responsibility for the company's Latin American operations through the end of 2013 and will provide guidance and support for the leadership transition as discussed below. For the past four years, Maquet has served as senior executive vice president and president, Europe. In this role, he has successfully driven strong growth in higher margin businesses and markets, including enterprise computing/data center, Ingram Micro Logistics and data capture/point-of-sale, while also promoting best practices to support profitable growth across the region. Maquet joined Ingram Micro as managing director of France in 1993, and has served in multiple senior leadership roles in Europe and Latin America during his 20-year tenure. In his new role, Maquet will be based in Miami and be responsible for global productivity improvement. He will continue to report to Monie as a member of Ingram Micro's executive leadership team.
- Gerhard Schulz, 50, will be promoted to senior executive vice president and president, Europe. Schulz currently serves as senior vice president, central and eastern Europe, where he has been instrumental in driving strong revenue growth and profit contribution from these countries, particularly Germany, the largest and most profitable country in the region. Schulz is also credited with building the company's Pan European business, while also playing a leading role in rapidly expanding the region's higher value business via multiple acquisitions complemented by significant organic growth. He joined Ingram Micro in 2000 as general manager, Germany sales, and quickly assumed roles of increasing responsibility throughout his tenure with the company, including senior leadership positions covering Germany, Switzerland, Hungary and Austria, where his accomplishments include driving efficiencies and productivity across the businesses, particularly within support functions. Schulz will continue to be based in Germany and will report to Monie as a member of Ingram Micro's executive leadership team.
- Mike Zilis, 43, will assume the role of executive vice president and president, Latin America. Zilis was promoted to his current role as executive vice president, Asia Pacific, in 2012. In this capacity, he supports Gupta in oversight of the region's operations, while also leading special projects for the region, including the company's recovery program in Australia and assisting with the integration of the company's Middle East acquisition of Aptec. Zilis joined Ingram Micro in 2006 as senior vice president and corporate controller, with responsibilities for oversight of financial planning and analysis, external and internal financial reporting, Sarbanes-Oxley Section 404 compliance efforts, long-term strategic planning, financial due diligence and merger and acquisition work. He will be based in Miami and will report to Monie as a member of Ingram Micro's executive leadership team.
"These executive moves further increase the resources and focus devoted to executing on our strategies and driving solid, profitable growth across all of our businesses," said Monie. "We are fortunate to have an excellent team of global leaders ready to take increased responsibilities and I look forward to continuing to work closely with all of our executives to deliver on our near- and longer-term global growth, profitability and total shareholder returns commitments."
Cautionary Statement for the Purpose of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995
The matters in this press release that are forward-looking statements are based on current management expectations. Certain risks may cause such expectations to not be achieved and, in turn, may have a material adverse effect on Ingram Micro's business, financial condition and results of operations. Ingram Micro disclaims any duty to update any forward-looking statements. Important risk factors that could cause actual results to differ materially from those discussed in the forward-looking statements include, without limitation: (1) we have made and expect to continue to make investments in new businesses and initiatives, including acquisitions, which could disrupt our business and have an adverse effect on our operating results; (2) we are dependent on a variety of information systems, which, if not properly functioning, or unavailable, or if we experience system security breaches, data protection breaches, or other cyber-attacks, could adversely disrupt our business and harm our reputation and earnings; (3) changes in macro-economic conditions may negatively impact a number of risk factors which, individually or in the aggregate, could adversely affect our results of operations, financial condition and cash flows; (4) we continually experience intense competition across all markets for our products and services; (5) we operate a global business that exposes us to risks associated with conducting business in multiple jurisdictions; (6) our failure to adequately adapt to IT industry changes could negatively impact our future operating results; (7) terminations of a supply or services agreement or a significant change in supplier terms or conditions of sale could negatively affect our operating margins, revenue or the level of capital required to fund our operations; (8) substantial defaults by our customers or the loss of significant customers could have a negative impact on our business, results of operations, financial condition or liquidity; (9) changes in, or interpretations of, tax rules and regulations, changes in the mix of our business amongst different tax jurisdictions, and deterioration of the performance of our business may adversely affect our effective income tax rates or operating margins and we may be required to pay additional taxes and/or tax assessments, as well as record valuation allowances relating to our deferred tax assets; (10) changes in our credit rating or other market factors such as adverse capital and credit market conditions or reductions in cash flow from operations may affect our ability to meet liquidity needs, reduce access to capital, and/or increase our costs of borrowing; (11) failure to retain and recruit key personnel would harm our ability to meet key objectives; (12) we cannot predict with certainty what loss we might incur as a result of litigation matters and contingencies that we may be involved with from time to time; (13) we may incur material litigation, regulatory or operational costs or expenses, and may be frustrated in our marketing efforts, as a result of environmental regulations or private intellectual property enforcement disputes; (14) we face a variety of risks in our reliance on third-party service companies, including shipping companies for the delivery of our products and outsourcing arrangements; (15) changes in accounting rules could adversely affect our future operating results; and (16) our quarterly results have fluctuated significantly. We also face a variety of risks associated with our recently completed acquisition of Brightpoint, Inc., Aptec and Promark, including: management's ability to execute its plans, strategies and objectives for future operations, including the execution of integration plans; growth of the mobility industry; the government contracts business, and in new and untapped markets in geographies outside the U.S.; and other uncertainties or unknown, underestimated and/or undisclosed commitments or liabilities; and our ability to achieve the expected benefits and manage the costs of the integrations of recent acquisitions.
Ingram Micro has instituted in the past and continues to institute changes to its strategies, operations and processes to address these risk factors and to mitigate their impact on Ingram Micro's results of operations and financial condition. However, no assurances can be given that Ingram Micro will be successful in these efforts. For a further discussion of significant factors to consider in connection with forward-looking statements concerning Ingram Micro, reference is made to Item 1A Risk Factors of Ingram Micro's Annual Report on Form 10-K for the fiscal year ended December 29, 2012 and Form 10-Q for the fiscal quarter ended March 30, 2013; other risks or uncertainties may be detailed from time to time in Ingram Micro's future SEC filings.
Follow Ingram Micro Inc. on Facebook at www.facebook.com/IngramMicro and Twitter at www.twitter.com/....
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Ingram Micro's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.
