Less than a week after announcing it would be acquired by China-based Tianjin Tianhai Investment Company, Ltd., Ingram Micro’s president has decided to resign.
A spokesperson for the multibillion dollar distributor confirmed to CDN that Paul Read, who served both as president and chief operating officer will be stepping down on Friday.
“It was his decision,” the spokesperson said via email. “There are no plans to replace his position at this time.”
“The HNA Group wants our management team to stay in place, led by Alain Monie as CEO,” Damon Wright, executive director of investor relations at Ingram Micro said in a prepared statement, referring to Tianjin Tianhai’s largest stockholder. “Based on this, Paul Read reevaluated his future at Ingram Micro and decided to leave to pursue other opportunities.”
Related Articles on CDN
According to his Linkedin profile, Read has been with the Irvine, Calif.-based company since September 2013. A Tuesday filing states that Read will remain employed by Ingram Micro for a transition period until September this year.
Wright has publicly said that the new parent company has not made moves to shuffle executives at Ingram Micro, and that there is no reason others to leave.
Last week, Ingram Micro announced the $6 billion deal with HNA Group. The Chinese multinational conglomerate has more than $90 billion in assets in industries such as aviation, financial services, real estate, and shipping.