Juicy tip: a boss for the new age is moving upstairs

Article Abstract:

Ingram Micro Inc., the large computer distributor, has announced that it is looking for a new chief executive to replace Jerre Stead. Mr. Stead is infamous in business circles for his New Age management techniques that include tearing down the walls of his office and urging employees to communicate their feelings directly to him. Mr. Stead will remain as CEO until a successor is named, after which he will remain as chairman. His track record at Ingram Micro is questionable as the company has announced it will fall well short of earnings estimates in the current quarter, and its stock has fallen 50% since February. Mr. Stead's unusual management style was formed in his 21 years at Honeywell Inc. before joining AT&T Corp. In 1993, he took over AT&T's troubled computer unit, the former NCR Corp.. The unit never was very successful for AT&T and Mr. Stead resigned after 16 months in the position. He joined Ingram Micro in 1996 as the company was already the world's largest distributor of computers, with revenue of around $12 billion at that time. Although Ingram Micro's net income rose to $245.2 million last year, and its 1998 revenues reached $22 million, up 83% since Mr. Stead's arrival, its margins have been squeezed heavily this year.

United States, Executive changes & profiles, Computer and Computer Peripheral Equipment and Software Wholesalers, Computers, peripherals & software, Computers Wholesale, Methods, Wholesale industry, Wholesale trade, Ingram Micro Inc., IM, Computer wholesalers, Personality profile, Stead, Jerre L.

---

Unisys bets on Weinbach, top manager, names him as chief to turn it around

Article Abstract:

Unisys confirmed the appointment of retired Andersen Worldwide leader Lawrence A. Weinbach as its chmn and CEO. The move represents a Unisys shift from manufacturing computers to establishing a presence in the technology-services industry. The 57-year-old Weinbach, who was selected from a pool of 70 candidates, said Unisys' loyal customers and quality control provide upside potential. Weinbach has networked with a range of other executives at publicly-held companies, and many observers believe that will offset his exclusively privately-held company background. Weinbach, who succeeds James Unruh, identified Unisys' $2.3 billion debt as the biggest obstacle. Weinbach said he will study the company's hardware, services and maintenance units operations until Jan 1998. Analysts wonder about Weinbach's lack of computer-systems business knowledge, although they commend his debt reduction expertise.

Computers, Unisys Corp., UIS

---

IBM's Gerstner to stay five more years: CEO, who gets options for two million shares, says job isn't complete

Article Abstract:

IBM Chmn and CEO Louis V. Gerstner Jr. has decided to extend his stay by at least five more years in return for two million shares of stock. IBM, which hired Gerstner in 1993, is expected to announce the deal as early as today. Revenue per employee has leaped by 58% during Gerstner's tenure at IBM, but he said the computer maker only has reached the midpoint of its comeback effort. Other accomplishments under Gerstner include nearly two-thirds of its $76 billion in annual revenue from other than its mainframe business, plus raising sufficient cash to buy back $16.5 billion of its own stock. The deal should ease rumors that Gerstner might cash in his options, presently worth more than $95 million, and depart the company. The 55-year-old Gerstner already has acquired more than two million IBM shares since his arrival.

Computers & Auxiliary Equip, International Business Machines Corp., IBM, Gerstner, Louis V., Jr., Company executive, Computer executives

Similar abstracts:

• Abstracts: Cisco Systems is giving up partner hunt; no deals with Lucent or Northern Telecom. Lucent and Philips to create $2.5 billion phone venture
• Abstracts: In the race for the fastest chip, just don't blink. National Semiconductor to acquire Cyrix; stock-swap transaction, valued at $536.3 million, is a challenge to Intel
• Abstracts: How one company is quietly buying up the Internet. MCI meets with the EU on assets sale. WorldCom, MCI probe is widened
• Abstracts: IBM's new database software takes aim at Web-based market. IBM's profit tops forecasts on soft sales. IBM to revamp struggling home-PC business
• Abstracts: SBC to acquire SNET for $4.26 billion: Baby Bell is first to join long-distance market with New England deal. LCI to acquire USLD Communications in stock deal valued at $331.8 million

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.