NSIT: Management Comments on New Interim CEO and Strategic Focus
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NSIT | Quote | Chart | News | PowerRating -- By Fain Hughes, fhughes@knobias.com
Insight Enterprises, Inc. (NSIT) announced today that its Board of Directors has initiated a global search for a new President and Chief Executive Officer to succeed Richard A. Fennessy, who has left the Company to pursue other opportunities.
The Board has appointed Anthony A. Ibarguen as interim President and Chief Executive Officer, effective immediately. Mr. Ibarguen, who has been a director of the Company since July 2008, will continue to serve on the Board. Mr. Ibarguen has more than 25 years of IT industry experience including serving as President, Chief Operating Officer and a director of Tech Data Corporation (TECD). Additionally, he served Executive Vice President of Sales and Marketing at Entex Information Services. He also served as President and Chief Executive Officer of Alliance Consulting Group, a privately held IT consulting and software solutions firm.
Timothy A. Crown, Chairman Insight Enterprises, commented in a conference call today, "Tony is a proven business leader with tremendous industry experience."
He continued, "The Board believed that a change was needed to maximize our opportunities. There was no specific event that lead to this. We believe that operational excellence is one of the things that we have not been hitting on so going forward, we are really focused on internal execution. Acquisitions are not on the mind of the Board right now."
Anthony A. Ibarguen, Interim President and CEO of Insight Enterprises, explained, "During this interim period, we will be focused on a few key initiatives. We will continue to improve our product provisioning capabilities and increased focus on improving the client experience, while increasing our internal prodcutivity. We will also protect and grow our foundation through the introduction of new technology and services. We will accelerate the growth of higher margin services. In addition we will focus on the increasing penetration into the small-to-medium businesses and public sector markets, while improving our penetration with existing clients. Also, we will pursue growth in selective global markets and build on our strength in Europe and Asia-Pacific. We will expand where there is sufficient demand to justify investment. We will be relentless in executing consistently and driving operational effectiveness throughout the operation."
The Company also announced that it is on track to meet its previously announced forecast for diluted earnings per share from continuing operations of $0.80 to $0.87 for 2009.
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