Westcon replaces chief
Alan Marc Smith departs months before IPO
Westcon Group has replaced long-standing chief executive Alan Marc Smith with another co-founder, months before a planned initial public offering (IPO) for the company.
According to the firm's S-1 pre-IPO filing with the US Securities and Exchange Commission, Smith has a non-compete agreement with the firm.
He will stay on at Westcon until the IPO has been completed, a statement from parent company Datatec said.
Smith will be replaced by executive vice-president Tom Dolan, co-founder of Westcon, who served as the firm's chief executive between 2000 and 2001, before being replaced by Smith. Dolan also sat on the firm's board between 2001 and 2002.
"Under Alan's leadership Westcon emerged from three years of industry contraction in better shape than many of its peers, having succeeded in growing market share and defending industry margins," said Jens Montanana, Datatec's chief executive.
Alastair Edwards, senior analyst at Canalys, said the move could be a public relations exercise ahead of the IPO. But he added: "Smith helped to bring the firm into Europe with Comstor, and that's one of Westcon's real success stories."