Tech Data Splits Chairman, CEO Roles

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

(TECD) - Get 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.

"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.