20:20 appointed a new group CEO to replace outgoing chief Mark Ryan today.
The new chief will be a Dutchman who comes from Ingram Micro, the IT distributor 20:20 agreed to partner up with in October.
Meinie Oldersma will take over the management of the group that includes 20:20’s operations in UK, Ireland, Spain, France and Dubai, as well as Dextra’s UK and European operations.
Oldersma has been CEO of Ingram Micro’s Chinese business since 2004. Prior to that, he was VP for the IT distributor’s Northern Europe operation for three years after a similar period in charge of the UK division.
Doughty Hanson, 20:20’s private equity parent company, also owns AxCom, the Swedish distributor it bought in May this year.
Oldersma will take the reins from 1 February 2008 amid continuing pessimism around the UK distribution market, and pressure from Doughty Hanson to increase the value of the business.
Ryan had established 20:20 as the most dominant in the UK market during his 10-year tenure, and its success in the UK had been cited as the reason why foreign distributors were reluctant to launch a UK operation.
Despite success in the past, 20:20 had missed its profit and revenue targets this year even after decreasing targets at the start of the year. Earnings for the group were missed by 20%, while turnover has fallen by 36%.