LATAM: American broadliner Tech Data has completed the sale of its business operations in Chile and Peru to its nemesis Ingram Micro. The distributor also plans to exit its operations in Uruguay. These steps will enable Tech Data to focus its investment and development efforts on expanding its Latin America export business in Miami and its operations in Mexico, a larger and more developed IT market. The distributor recently appointed industry veteran Eduardo Coronado as managing director, Tech Data Mexico. In this role, Coronado leads the strategic direction of the Company's sales and operations efforts in Mexico.
Tech Data Europe has launched an enhanced version of InTouch, its web-based e-commerce solution, including an improved search function and navigation that allows users to find and purchase products with fewer clicks than before. InTouch gives customers fingertip access to Tech Data Europe's complete product catalogue, enabling resellers to track their order history and invoices, and make after-sales enquiries. The enhanced version features improved navigation with clear product categories, so users can immediately select the type of product they need using intuitive tools for screen-sizing and pricing, as well as one-click selection of required features. The presentation of search results has been made leaner and simpler, making visual comparisons and refinement of the search easier. Information needed is visible on one screen so there is no need for additional scrolling. Craig Partington, EMEA eBusiness director at Tech Data Europe, states: "With the latest release of InTouch, we have made it even easier and faster for resellers to find what they want, so they spend less time searching for the right product and more time dealing with the needs of their customers. The process is logical and neat—with just a few clicks, you can narrow down your search to a handful of suitable solutions or a specific product. These changes make InTouch an even more useful tool for resellers and retailers looking to respond quickly to customer enquiries and maximise their chances of winning business." Tech Data has created a special set of visual guides to the updated system, including a short demonstration video, to explain the enhancements.
Tech Data Europe has appointed Johan Vandenbussche to the new position of senior vice president, Operations. In this role, Vandenbussche will lead the Operations unit in Tech Data Europe, including overall responsibility for HR, Logistics, IT coordination and the company's internal consulting team, which focuses on the standardization and enhancement of working practices across its country operations. He will join the company's European Executive Board and will report to Néstor Cano, President Europe. For the last 15 years Vandenbussche served as a senior international executive with Tech Data's arch-nemesis Ingram Micro, variously holding responsibility as vice president for regional operations, M&A in Europe and the company's pan-European business unit.
American broadliner Tech Data has appointed Jean-Paul Durand to the new position of vice president, chief ethics and compliance officer. In this new global role, Durand will lead Tech Data's worldwide ethics and compliance program, including the company's policies and procedures designed to prevent and detect fraudulent conduct, encourage ethical behavior and a commitment to compliance with the law, and ensure adherence to Tech Data's Code of Conduct. Durand will report to David Vetter, the company's senior vice president, general counsel, as well as the Audit Committee of the company's board of directors. Durand has served as Tech Data's vice president, assistant general counsel since May 2011 and has been with Tech Data since 2000. The company also announced that Wayne Hanewicz has been promoted to vice president, assistant general counsel. Hanewicz has served as assistant general counsel since joining Tech Data in June 2009, leading the legal aspects of projects such as the issuance of Tech Data's $350 million senior notes. In his new role, he will be responsible for the US legal organization and report to Vetter. The company has also appointed a deputy ethics and compliance officer in both its Americas and European regions, reporting directly to Durand. These two new positions will be responsible for managing Tech Data's ethics and compliance program in their respective regions, assisting the chief ethics and compliance officer with monitoring compliance and developing reporting on program effectiveness. The company will also add the new position of regional counsel, Latin America to its Legal department, which will report directly to Vetter, as well as the new position of trade practice counsel, Europe, which will report to Norbert Sourek, the company's general counsel, Europe.
Tech Data reviews its results
Broadliner Tech Data has concluded an independent investigation by the Audit Committee of the Board of Directors into certain accounting practices within the company and also finally filed with the US Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended January 31, 2013. In a matter unrelated to the Audit Committee's investigation and as previously disclosed in the Company's periodic reports, prior to fiscal 2004, Tech Data España was audited in relation to various VAT matters. As a result of those audits, the Spanish subsidiary received notices of assessment that allege the subsidiary did not properly collect and remit VAT. During the fourth quarter of fiscal year 2014, the Spanish National Appellate Court issued an opinion upholding the assessment for several of the assessed years. Although the Company believes the Spanish subsidiary's defense to the assessments has solid legal grounds, and is continuing to vigorously defend its position by appealing to the Spanish Supreme Court, the risk that the assessments will be upheld has significantly increased. The Spanish National Appellate Court opinion represents a subsequent event that occurred prior to the issuance of the fiscal 2013 financial statements in relation to a loss contingency that existed as of January 31, 2013. As a result of this subsequent event, the Company has increased its accrual for costs associated with this matter by recording a charge of €31m in the fiscal 2013 Consolidated Statement of Income, including €22.4m recorded in "value added tax assessment" to cover the assessment and various penalties and €8.7m recorded in "interest expense" for interest that could be assessed. The Company estimates the total exposure for these assessments, including various penalties and interest, is approximately €42.2m, which is included in "accrued expenses and other liabilities" in the Consolidated Balance Sheet at January 31, 2013. On March 21, 2013, Tech Data announced that it would restate some or all of its previously issued quarterly and audited annual financial statements for the fiscal years 2011 and 2012, and some or all of the quarters of fiscal year 2013. At that time, the Company estimated the restatement would reduce previously reported consolidated operating income by an aggregate amount of approximately €23 to €30m, and consolidated net income by an aggregate amount of approximately €19m to €25m, over the three fiscal year period. In addition to fiscal years 2011, 2012, and 2013, the restatement, described in detail in the Company's Annual Report, includes restated selected financial data for fiscal years 2009 and 2010. The cumulative effect of the restatement, excluding the Spanish VAT matter described above, on selected financial data for the Restated Periods is as follows:
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