Ingram Micro CEO Jerre Stead resigned today on the heels of the news that the distributor would not meet its third quarter earnings.
Stead will stay on as CEO until a replacement is name and keep his post as chairman of Ingram's board. Stead was appointed CEO in 1996.
Ingram's third quarter earnings will fall far short of Wall Street's predictions, Stead said. He expects the company to earn between $15 and $20 million, or about $0.12 per share for the quarter ending Oct. 2, compared to the $0.41 anticipated by First Call/Thompson Financial.
The gap was blamed on competitive pricing and tight margins, according to Stead.