Man who built Tech Data from the ground up will not stand for re-election as a board member in June, distributor announces
The man who built Tech Data from a "side business" into a global distribution empire is to retire as its chairman of the board in June.
Steve Raymund, who built the broadliner from the ground up, passed the CEO reins to incumbent Robert Dutkowsky in 2006 but stayed on in the capacity of chairman.
He will not stand for re-election as a board member and will retire at the end of his term on 7 June, with Dutkowsky becoming chairman, Tech Data announced last night.
The announcement comes a month after Tech Data closed its $2.7bn acquisition of Avnet's Technology Solutions business.
Raymund reportedly bought Tech Data from his father, Edward Raymund, for $10,000 in 1984, 10 years after it was founded as a reseller of data processing supplies. At the time it was still regarded as a "side business", and had only just moved into wholesale distribution.
Raymund joined the Florida-based outfit in 1981, and was made chief executive in 1986, the same year Tech Data went public.
Tech Data turned over $26.2bn in its last financial year ending 31 January 2017, and currently sits at position 108 in the Fortune 500.
The announcement is the culmination of a "very well-planned succession process" that has been in the works for several years, according to Tech Data's lead independent director Charles Adair.
"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."
Dutkowsky added: "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."