Ingram Micro's board of directors has selected Dale Laurance to succeed Kent Foster as chairman of the distributor's board of directors. Foster plans to retire at the company's annual meeting June 6 after seven years as chairman.
Foster stepped down as CEO in June 2005, replaced by Greg Spierkel.
Laurance is the former president of Occidental Petroleum, retiring at the end of 2004 after 21 years with the company. He also served on Occidental's board of directors for 14 years. He is also the owner of Laurance Enterprises, an advisory services and investment firm.
In addition, he is a director of Jacobs Engineering Group, serving as chair of the human resource and compensation committee, and on the advisory board of Hancock Park Associates, a private equity investment firm based in Los Angeles.
"Dale has demonstrated exemplary leadership during his six years as a director and I'm confident that he will be an excellent chairman," said Foster in a statement. "He has provided valuable counsel for a variety of business issues, including acquisitions and restructurings, and has beneficial experience on other boards."
Laurance said he hopes to continue Foster's success in better positioning Ingram Micro for future success.
"I know I have big shoes to fill. Kent has been an extraordinary business leader and board chairman, providing guidance during some of the most complex challenges in the company's history," Laurance said in a statement.
Shares of Ingram Micro closed Tuesday at $19.60, down 21 cents or 1 percent.
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