Ingram Micro profits drop, COO quits
HQ pulls in Monie and more money
Ingram Micro, the world's largest computer products distie, posted a second quarter profit loss last Thursday and announced that the firm's president and chief operating officer Kevin Murai was stepping down.
The firm netted income of $52.4m for Q2, or $0.3 per diluted share, down $1.4m from $53.8m or $0.32 per diluted share on the same period last year.
Ingram said the figure reflected it having to reserve a significant $15m charge ($9.2m net of tax) for estimated losses following an inquiry by the US Securities and Exchange Commission (SEC).
An SEC Wells notice was issued which related to a number of transactions with McAfee Inc, formerly Network Associates Inc, between 1998 and 2000.
It wasn't all bad news for the Santa Ana-based distie, however. It reported it set an all-time Q2 record with worldwide sales revenue up 11 per cent to $8.19bn compared with $7.4bn for the same period last year.
Meanwhile, COO Kevin Murai is expected to leave Ingram at the end of 2007.
Murai said his decision to resign was to allow him to spend more time caring for his extended family in Toronto.
He will be replaced by Alain Monie, who is currently executive vice president and president of the firm's Asia-Pacific division.
Monie will take up the post of president and COO on 1 August this year and Murai will work alongside him during a five-month transition period.
Speaking about Murai's surprise resignation after nearly 20 years at the firm, Ingram CEO Gregory M.Spierkel said, "I will miss him, but I admire his devotion to his family."