Jerre Stead, chairman and chief executive of Ingram Micro, commands a salary of zero dollars a year at the giant distributor.
Stead admitted to his paltry pay packet at the Hambrecht & Quist Technology Conference in San Francisco, where he told investment company attendees that he believes employees - including himself - should be rewarded via a stake in the company.
"I have no salary and I operate with options," he said, revealing that he has a similar remuneration package to Netscape chief executive Jim Barksdale, who earns $1 per annum. "We reward every person in the company on customer focus," he said.
Stead said Ingram will open a new distribution and assembly centre in Europe during early 1999 but did not reveal the exact location. Ingram?s 1998 initiatives include improving customer programmes, setting up assembly operations, and moving into electronic commerce and new markets such as supplies and selling to smaller resellers.
Two-tier distribution is growing faster than the industry average and Ingram is growing faster than other distributors, Stead claimed, but he admitted the company is ranked third in Europe behind Computer 2000/Tech Data and CHS Electronics.
However, the company is "pleased" with its European growth, seeing a 55 per cent increase in sales in the region in the first quarter. President Jeffrey Rodek said "we're not finished but we do feel very good about where we are".
He said Ingram will make further acquisitions in Europe to bolster its position and believes the consolidation of the market around two or three global distributors will be good for the industry. "We see ourselves ultimately being number one in Europe," Rodek told US journalists.
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