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Ingram Micro names new chief

Stead's replacement now on board

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Ingram Micro has named its replacement for CEO Jerre Stead. Kent Foster, 56, today joined the distributor after quitting as president of telecomms company GTE Corp. Foster has a wide array of business interests – he also sits on the boards of Campbell Soup, New York Life Insurance and the Dallas Symphony Orchestra. "The company has a great group of leaders on board, and I am eager to work as part of this team of seasoned professionals to build upon the strategies and services that have been established," he said. "Our objective will be to develop the opportunities and changes required in this rapid-fire industry to take this company to the next level." Stead, who announced plans to quit last September following an Ingram profit warning, will stay chairman of the board until the company's shareowner meeting in May. ® Related stories: Stead walks the plank following Ingram profit warning Ingram profits slip in face of record sales

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