Ingram Finalizes Sale: New CFO, General Counsel, Board Updates
Ingram Micro‘s $6 billion company sale and business combination with HNA Group is now official. In a memo to employees, Ingram CEO Alain Monie confirmed the deal and described two key executive promotions and two boardroom updates.
Among the highlights to note…
Ingram Micro Executive Updates
These will be effective December 16, 2016…
- Gina Mastantuono is being promoted to CFO. Mastantuono, who was recently honored by the National Diversity Council as one of the Top 50 Most Powerful Women in Technology, has been an “invaluable addition to Ingram Micro since joining in early 2013,” Monie wrote. Former CFO Bill Humes will leave his current position as CFO and transition from executive management to board member.
- Augusto Aragone is being promoted to executive vice president, secretary and general counsel. “Augusto is an exceptional example of our efforts to internally develop successors for key leadership roles,” Monie wrote. Former General Counsel Larry Boyd is retiring after 17 years of dedicated service to Ingram Micro, and will focus on new duties as an Ingram Micro board member, among other industry board roles.
Monie praised all four executives in portions of the memo, and further described how it’s “business as usual” for Ingram under its new ownership.
Ingram Micro’s Board Updates
Clearly, Humes and Boyd aren’t cutting ties with Ingram. As mentioned above, they are joining Ingram’s updated board. The board also includes:
- Adam Tan, HNA Group Vice Chairman and CEO (board chair);
- Alain Monié, Ingram Micro CEO;
- Bharat Bhise, President and CEO of Bravia Capital;
- Dale Laurance, who recently served as Chairman of Ingram Micro’s public company board; and
- Jim McGovern, former Under Secretary and Acting Secretary of the United States Air Force.
“As promised in February when we first announced our intent to join the HNA Group, it has been business as usual during this transition, and this does not change,” Monie wrote. “Our strategic initiatives and our commitment to optimizing our partners’ businesses by delivering best-in-class service and solutions across the globe also do not change. Our teams remain in place across all countries and operations, serving the same vendor and customer partners. Most importantly, our day-to-day activities and operations do not change now that we have joined the HNA Group; if anything, with the support of the HNA Group’s global resources and expertise, we will be able to accelerate our growth and expand our reach to new markets as we continue to do what we already do so successfully every day. Our commitment to brand excellence, our strategy, purpose and values remain the same.”
Ingram leadership has worked overtime to assure partners and customers that the distributor won’t suffer from M&A distractions. The company sale, they assert, doesn’t involve any type of consolidation or business overlap with HNA Group.
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