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Industrial Distribution Group, Inc., Atlanta, GA, announced the promotion of Charles A. Lingenfelter to the position of president and CEO of the company, effective immediately. Lingenfelter replaces Andrew B. Shearer, who resigned as president and CEO of the company. Lingenfelter was also elected to the Board of Directors. Shearer will remain a member of the Board of Directors, serving out the balance of his term.
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.
"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.
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