Ingram Micro has a new president of North America following the departure of Keith Bradley, according to the company.
Bradley is leaving to pursue other opportunities, according to a spokesperson. He will relinquish the role of senior executive vice president and president of North America in January but remain with the company in an advisory role until March 2013, according to the company.
In the meantime, Paul Bay has been named acting president of North America and will remove the acting part of the title in January, according to the Santa Ana, Calif.-based distributor.
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"We thank Keith for his significant contributions to Ingram Micro's North American operations," said Alain Monie, CEO of Ingram Micro, in a statement. "Keith leaves a legacy that will benefit our organization for years to come, and we wish him well in his future endeavors."
In a statement, Bradley said he leaves an outstanding team for Ingram Micro in North America.
"I have the utmost respect for Ingram Micro's leadership team and fully support the direction of the company," Bradley said in the statement. "Together we have capitalized on many opportunities to improve the business. I have worked with [Bay] for several years and am confident in his ability to lead the North American team and further build on our successful execution."
Bradley will receive a lump-sum cash payment of $935,000, representing a year's salary and target bonus plus payment of any unpaid annual bonus for fiscal 2012 under a separation agreement, according to a document filed with the Securities and Exchange Commission.
Bay rejoined Ingram Micro in June 2010 as executive president after previously working for the distributor from 1995 to 2006.
He left Ingram in 2006 as senior vice president of vendor management to become CEO of Punch Software. Since his return, Bay architected the development of a divisional business unit structure in North America, which has led to greater efficiency and productivity, as well as increased revenue growth and profitability, according to the company.
"I appreciate the board's and Alain's confidence in me and I'm excited about taking the reins of our North American operations," said Bay in a statement. "North America is operating well and executing on its financial and strategic goals and I am confident we will continue to deliver on our performance objectives."
Through the first three fiscal quarters, North America revenue was $11.42 billion, up from $11.04 billion in the same period in 2011. The region's operating income was $205.3 million or 1.8 percent so far in 2012, compared to $191.0 million or 1.7 percent through the first nine months last year.
Shares of Ingram Micro closed at $15.35, down 12 cents or 0.8 percent, on Wednesday.
PUBLISHED NOV. 15, 2012
