Distributor Tech Data has announced that its chairman and CEO Bob Dutkowsky will step down from the CEO position on June 6th.
His replacement will be current executive vice president and chief operating officer Rich Hume, who has been in his role since 2016.
Going forward, Dutkowsky will become executive chairman of the board of directors, and Hume has been nominated to the board.
The news was announced on Thursday, as the Clearwater Florida-based stated this to be "the culmination of the Board's leadership succession plan that capitalises on the strength of the Tech Data management team".
"I am honored to have the opportunity to serve as the next CEO of Tech Data," Hume said. "This is an exciting time for the new Tech Data, as we continue to redefine technology distribution and transform the company into the IT distributor of the future. Over the past two years as COO, I have come to appreciate what a talented global team we have, and I look forward to leading this team as we build on our momentum and continue to create value for our customers, vendor partners, employees and shareholders."
The distributor ended its 2017 fiscal year with $36.8 billion in revenue, surpassing supermarket chain Publix to become Florida's largest company.
Hume continued, "Bob has provided tremendous leadership during his tenure as CEO and has been an incredible mentor and friend since I joined Tech Data. I look forward to continuing to work closely with Bob in his role as executive chairman and know I will continue to benefit greatly from his deep knowledge of the company and the industry."
Dutkowsky has been the company's CEO and a member of the board since 2006 and in 2017 was named as the chairman of the board. During his 12-year stint as CEO, revenue has grown from $21 billion to more than $36 billion, and non-GAAP earnings per share have increased by more than 550 percent. As executive chairman, Dutkowsky, in addition to his governance and board oversight responsibilities, will be actively involved as a strategic advisor to Hume, will provide support in vendor, customer and community engagement as directed by the CEO and will be involved in special projects as designated by the CEO or Board.
"It has been an honor and a privilege to lead the most talented team in IT distribution. I would like to thank our more than 14,000 employees for their dedication, loyalty and tireless efforts, which have been—and will continue to be—the key to Tech Data and our channel partners' success," Dutkowsky said. "With our strong operations, unique end-to-end offerings and strategic focus on next-generation capabilities, I believe this is the perfect time to make this transition and I am confident that Tech Data is well-positioned to continue to grow and create value for all of our stakeholders. As I transition to my new role as executive chairman, I also want to thank Tech Data's outstanding customers and vendor partners for their longtime support and look forward to continuing our strong partnership for years to come."
Dutkowsky continued, "Rich's strategic vision, experience and proven track record at Tech Data make him a natural choice for CEO as we enter our next chapter. Today's announcement underscores our deep bench of talent and, together, we will ensure a seamless transition for the benefit of all Tech Data stakeholders."