Pioneer-Standard Electronics announced on Tuesday that Arthur Rhein will replace James Bayman as CEO effective April 1.
Rhein, a 20-year veteran at the Cleveland-based distributor, has served as president and COO since 1997. Bayman will remain chairman through March 31, 2003. There are no plans to fill the COO position at this time, according to the company.
"I am proud of what Art and I have built together and am extremely confident in his ability to lead Pioneer-Standard into a promising future during this time of dynamic change in our industry," Bayman said in a statement. "The board shares my confidence in Art and has unanimously accepted my recommendation that he succeed me as CEO."
Pioneer-Standard posted nearly $3 billion in sales in 2001, up from $800 million in 1995, Rhein said.
"As CEO, I will focus on enhancing our differentiation and long-term growth prospects," Rhein said in a statement. "I intend to extend our heritage of innovation, creativity and collaboration that distinguishes Pioneer-Standard in the marketplace. I am committed to further expanding development opportunities for our employees and continuing to enhance shareholder value."
Rhein joined Pioneer-Standard in 1982 when the company acquired his former employer, Harvey Electronics, where he was vice president of marketing. He was elected as an officer at Pioneer-Standard in 1987 and named to the board of directors in 1990.
Pioneer-Standard shares were trading at $12.33 Tuesday afternoon, down 12 cents per share.