Industrial Distribution Group, Inc. Names Charles Lingenfelter CEO
03 Novembre 2005 - 10:03PM
PR Newswire (US)
Thirty-year Industry Veteran Tapped to Lead Growth and
Profitability Objectives ATLANTA, Nov. 3 /PRNewswire-FirstCall/ --
Industrial Distribution Group, Inc. (NASDAQ:IDGR) today announced
the promotion of Charles A. Lingenfelter to the position of
President and Chief Executive Officer of the Company, effective
immediately. Mr. Lingenfelter replaces Andrew B. Shearer, who
resigned as President and CEO of the Company. Mr. Lingenfelter was
also elected to the Board of Directors. Mr. Shearer will remain a
member of the Board of Directors, serving out the balance of his
term. "Since IDG's founding eight years ago, Charlie has
demonstrated strong leadership skills, particularly in the areas of
sales, marketing, and operations. He was an integral part in the
transformation of IDG into one of the premiere MROP distributors
and service providers in North America," said Richard M. Seigel,
Chairman of IDG. "Charlie's extensive industry experience and
success as President of IDG's Southern region, makes him the
optimal choice to lead IDG, as the Company seeks to both accelerate
its revenue growth and enhance its profitability, two critical
objectives. We are confident that Charlie will enable the Company
to achieve its business objectives and create new growth for IDG
that will translate into higher value for our shareholders." "I
would like to thank Andy Shearer for the significant contributions
he made during his time as CEO, including integrating disparate
business units that were part of the original roll-up strategy, and
returning the Company to profitability," said Seigel. "We wish him
well in all his future endeavors." Charlie Lingenfelter commented,
"With a few but significant changes, I believe that IDG can excel
and recapture the momentum we were experiencing 18 months ago. I am
committed to creating value for our stakeholders, which I define as
customers, shareholders, suppliers, and associates. I will begin an
operational review of the Company, aimed at taking IDG to the next
level, and I am eager to share the results with all our
stakeholders," concluded Lingenfelter. A founding member of IDG,
Lingenfelter was named President of IDG's Southern region in
January 2002. Prior to that time, he served as Division President
of the Company's IDG-Charlotte business unit (from January 2001)
and as President of The Distribution Group, Inc. (from 1997), one
of the companies that combined to form IDG in 1997, and with whom
he had been an executive of the company since 1988. Prior to 1988,
Lingenfelter served as Vice President of Sales and Marketing at
Ingersoll-Rand Company's Tools Group. He received his undergraduate
degree in Mechanical Engineering from the Indiana Institute of
Technology. About IDG Industrial Distribution Group, Inc.
(NASDAQ:IDGR) is a nationwide products and services company that
creates a competitive advantage for customers. The Company provides
outsourced maintenance, repair, operating and production (MROP)
procurement, management and application expertise through an array
of value-added services and other arrangements that include its
Flexible Procurement Solutions(TM) (FPS) service offerings as well
as direct general MROP sales through traditional distribution
channels. The Company's FPS service offerings emphasize and utilize
IDG's specialized knowledge in product applications and process
improvements to deliver out-sourced solutions and documented cost
savings for customers. Through these arrangements, IDG distributes
a full line of MROP products, specializing in cutting tools,
abrasives, hand and power tools, coolants, lubricants, adhesives
and machine tools, and IDG can supply at a competitive price
virtually any other MROP product that its customers may require.
IDG has four operating divisions organized into regional
responsibility areas. IDG serves over 20,000 active customers
representing a diverse group of large and mid-sized national and
international corporations including Honeywell International, Inc.,
The Boeing Company, Arvin Meritor, Borg-Warner Inc., Pentair, Inc.,
as well as many local and regional businesses. The Company
currently has a presence in 43 of the top 75 manufacturing markets
in the United States. Flexible Procurement Solutions(TM) IDG's
Flexible Procurement Solutions(TM) (FPS) offer customers an answer
for the entire supply chain management process for MROP materials.
IDG recognizes that managing MROP materials is a costly,
time-consuming function for the industrial marketplace. FPS
services merge state-of-the-art technology with the expertise of
IDG personnel to deliver supply chain management services. In a
fully integrated supply relationship, IDG associates work directly
on-site at a customer's location to provide documented cost savings
from product application innovations, continuous process
improvements, more effective management of inventory, and many
other areas, all focused on reducing customer costs. Best of all,
these cost savings are quantified and documented and most go
directly to the customer's bottom line. Safe Harbor In addition to
the historical information contained herein, certain matters set
forth in this news release are forward-looking statements,
including but not limited to statements relating to expected
operating results. Industrial Distribution Group, Inc. warns that
caution should be taken in relying upon any forward-looking
statements in this release, as they involve a number of known and
unknown risks, uncertainties, and other factors including
heightened national security risks including acts of terrorism and
potential for war, that may cause actual results, performance, or
achievements of Industrial Distribution Group, Inc. to differ
materially from any such statements, including the risks and
uncertainties discussed in the Company's Forms 10-K, Forms 10-Q,
filed by the Company under the caption "Certain Factors Affecting
Forward Looking Statements," or any 8-K filed or furnished by the
Company each of which is incorporated herein by reference. For
Additional Information, Contact: Jack P. Healey Senior Vice
President and Chief Financial Officer Industrial Distribution
Group, Inc. (404) 949-2010 http://www.idglink.com/ DATASOURCE:
Industrial Distribution Group, Inc. CONTACT: Jack P. Healey, Senior
Vice President and Chief Financial Officer of Industrial
Distribution Group, Inc., +1-404-949-2010 Web site:
http://www.idglink.com/
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