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Tech Data Splits Chairman, CEO Roles

The company will begin a search for a new CEO.
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Tech Data

(TECD) - Get Tech Data Corporation Report

is splitting the roles of chairman and chief executive and beginning a search for a new CEO to take over from Steven A. Raymund.

Raymund will keep the dual role until a new CEO is appointed, at which time he will serve only as chairman. Raymund joined Tech Data, a distributor of computer components, software and other IT products, in 1981 and became CEO in 1986.

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"It's an ideal time to further enhance the depth and strength of our senior leadership," Raymund said in a statement. "The future is very encouraging for IT distribution and our company going forward."

Shares of Tech Data, Clearwater, Fla., closed Wednesday at $40.97, down 17 cents.