Santa Ana, Calif.-based Ingram Micro (NYSE: IM ) will get a new COO later this month.
On Thursday, Ingram Micro announced that former Flextronics CFO Paul Read will become the company's new President and Chief Operating Officer effective Sept. 30. Read has been sitting on Ingram's board of directors for the past year, but has already resigned in preparation for taking up his new job as a company executive. Together with company CEO Alain Monie and CFO Bill Humes, he will form one leg of the company's C-level triumvirate.
Taking Read's seat on the board will be Wade Oosterman, an executive with Bell Canada Enterprises.
As for Read, he will be responsible for managing Ingram's "worldwide IT distribution business and the associated logistics support organizations, with the IT distribution regional presidents reporting directly to him," the company said in a statement.
In a filing with the SEC, Ingram disclosed that it will be paying Read an annual base salary of $700,000, plus:
- a signing bonus of $360,000, paid half with his first paycheck, and half six months later
- an annual bonus targeting 100% of base salary -- and guaranteed in 2013, prorated from his start date
- 111,928 performance-based restricted stock units
- restricted stock units worth $250,000 and vesting on the first anniversary of his employment with Ingram.