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Tech Data’s Raymund To Step Down As CEO
Steve Raymund said Wednesday that he plans to step down as CEO of Tech Data after a replacement is named, likely in four to six months.
Raymund told CRN he aims to remain the chairman of the Clearwater, Fla.-based distributor. He said the decision to step down as CEO stemmed from a desire to downshift after 25 years with the company.
“My major motivation is personal. My youngest kid is going to college next year. Having recently completed my 50th birthday and my 25th year here, the time seems [right] to downshift,” Raymund said.
Tech Data has hired executive search firm Russell Reynolds Associates to work with the distribution giant’s board of directors to find a new CEO, Raymund said. Such a move suggests that Tech Data may bring in a successor from outside the company.
Raymund said he will continue to be active with the company and does not want any major changes under a new CEO.
“I will continue on as chairman and be an active one. Any transition would be quite seamless. It shouldn’t cause any disruption in the quality of service to customers or vendors,” he said.
Raymund joined Tech Data in 1981, when it was a $2 million company with about a dozen employees. Now the distributor employs about 8,500 people with about $20 billion in revenue.
“We are in a very strong position in all our markets. That is very satisfying. What’s also been gratifying is the high-caliber talent of people at Tech Data that challenge me and each other. That give and take is a lot of fun and something to some degree I will miss,” Raymund said.
Brian Alexander, senior vice president of equity research, technology distribution, at Raymond James & Associates, said it is unlikely that Raymund is stepping down because of Tech Data’s performance, which has lagged recently in Europe.
“I think that if anything, Europe being back on track is the reason behind the timing. Steve [Raymund] would not step down if he was uncomfortable with the state of his business,” Alexander said. “I think it’s a statement of confidence that Europe is recovering. He leaves the company in good hands. We’ll have to see who the successor is. Apparently, it will be someone from outside the company.
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