CLEARWATER, Fla., March 29, 2017 (GLOBE NEWSWIRE) -- Tech Data Corporation (Nasdaq:TECD) today announced that Chairman Steven A. (“Steve”) Raymund has informed the board of directors that he will not stand for reelection as a board member and will retire as chairman of the board at the end of his term, effective as of Tech Data’s annual meeting of shareholders scheduled for June 7, 2017. Tech Data CEO and board member Robert M. (“Bob”) Dutkowsky will be appointed chairman of the board following Raymund’s retirement, and Charles E. (“Eddie”) Adair will continue in his role as lead independent director.
“Tech Data has been an important part of my life since I joined the company that my father founded, and its growth and evolution into a global leader have been nothing short of remarkable,” said Raymund. “I have been fortunate to work with some of the most outstanding people in the industry in my time at Tech Data. Bob’s exceptional leadership over the past 10 years has led the company to new heights, and I am confident that Tech Data is well-positioned for continued success.”
Raymund has been employed by Tech Data since 1981. From 1986 through September 2006, he served as CEO, leading the company through a period of dramatic growth and international expansion. Raymund has served as a director since 1986 and as chairman of the board since 1991.
“Steve’s contributions to Tech Data are immeasurable. He has left an indelible mark on our company, our industry and our community, and Tech Data would not be the company it is today without his foresight and visionary leadership,” said Dutkowsky. “Personally, I am grateful for Steve’s guidance and collaboration since joining Tech Data and wish him the best in retirement. I am honored to assume the chairmanship of Tech Data and look forward to continued growth and success for our customers, vendors, employees, and shareholders.”
Dutkowsky joined Tech Data in October 2006 as CEO and a member of the company’s board of directors. Since joining the company, he has overseen Tech Data’s strategic growth into new markets, including the data center, cloud, and mobility, as well as new geographies.
“Today’s announcement is the culmination of a well-planned succession process that the board of directors has been working on for several years,” said Adair. “On behalf of my fellow board members, we thank Steve for his vast contributions to Tech Data. As we continue to build on the strong foundation that Steve established, we are confident in Bob’s proven ability to strategically and successfully lead the company into the future.”
About Tech Data
Tech Data Corporation is one of the world’s largest wholesale distributors of technology products, services and solutions. Its advanced logistics capabilities and value added services enable 115,000 resellers to efficiently and cost effectively support the diverse technology needs of end users in more than 100 countries. Tech Data generated $26.2 billion in net sales for the fiscal year ended January 31, 2017. It is ranked No. 108 on the Fortune 500® and one of Fortune’s “World’s Most Admired Companies.” To learn more, visit www.techdata.com, or follow us on Facebook and Twitter.