Distribution Legend Lacy Back As Chairman Of EVault

Lacy, an investor in EVault and member of the company's board since the first venture financing three years ago, replaces EVault co-founder Alston Noah, who resigned Wednesday.

Jeff Matthews, general partner at RAM Partners, a Greenwhich, Conn., hedge fund, said Lacy is taking the helm of a company that appears to be in trouble. "It sure looks like Chip is going to have his hands full," said Matthews, who followed Ingram's rise to prominence when Lacy was at the helm from 1985 to 1996. "Having known Chip for many years, when he was at Ingram, I think as highly of Chip as any executive in the business. If anybody can turn this around, Chip is the guy. Chip is the kind of guy I'd bet money on."

EVault, which has a channel partner program for its online data backup and recovery software and outsourced service, said Noah's departure was planned. Furthermore, the company insisted the company is flourishing. Evault has raised more than $20 million of venture capital and has grown its revenues from $1 million to an annualized run rate of nearly $20 million. For the quarter ended June 30, EVault said it posted a full quarter of positive net income on record sales. The company claimed the quarter marked its first of generating positive cash flow.

In a prepared statement, Lacy said that Noah "has been a selfless leader and really has made the right moves to launch EVault and move it forward."

"EVault is a great company with a very bright future," added Lacy. "I look forward to working with EVault's management and our president and CEO, Phil Gilmour, to continue to build on the exceptionally strong base that was created on Noah's watch."

"Chip is a real force," said Gilmour in a prepared statement. "It is going to be fun. We have a great group of employees and business partners in the U.S., Canada and Europe. Most of all we have a fantastic and growing base of customers that now number in the thousands."

Lacy, who spearheaded Ingram Micro's skyrocketing growth from $100 million to $12 billion in revenues as chief executive of the company, was inducted into the CRN Computer Museum Industry Hall of Fame in 1997.

Lacy was last active in the industry as president and CEO of Micro Warehouse from October 1996 to November 1997. He now spends his time as a private investor and serves on several boards including Ingram Micro parent Ingram Industries. Lacy is also on the board of EarthLink, Netgear, Modus Media and SemEquip.