Barry Litwin, the chief executive of photography and video retailer Adorama Inc. will succeed Larry Reinhold as CEO of Port Washington-based Systemax Inc. in January, the company announced Monday.
Reinhold, 58, who also holds the title of president, will step down from management roles at Systemax, Long Island's sixth largest public company by 2017 revenue, but will retain a seat on the board of directors and serve as a consultant. Reinhold's 2017 compensation of $3.5 million was 13th highest among executives at Long Island public companies, according to data compiled from regulatory filings by S&P Global Market Intelligence.
Litwin, 51, who is a Systemax director, will assume the CEO title on Jan. 7.
Systemax shares added 0.2 percent Monday to close at $30.95. The stock was trading at $25.42 12 months ago.
"Barry Litwin has been a valued member of our board of directors and during the past year, we have seen firsthand his management abilities and expertise," Richard Leeds, executive chairman, said in a statement.
In September, Systemax closed on the sale of its French IT business to Bechtle AG for about $270 million.
That move left the company with a North American unit that sells industrial supplies and maintenance and repair services, generating revenue of about $800 million in 2017.
Reinhold joined Systemax as chief financial officer in 2007 and was made a director in 2009 and CEO in 2016.
"Systemax is well positioned to capitalize on its future growth opportunities and this marks an ideal time for me to pursue other interests," Reinhold said in a statement. "I will remain a significant shareholder and I'm excited to continue to serve as a consultant and a board member to the company."
Leeds said Reinhold had led Systemax through several restructurings.
"With these initiatives complete, we determined with Larry that the time is right for him to move on to new challenges," he said.
"Systemax is well positioned for its next stage of growth as we build and execute a clear and differentiated strategy," Litwin said. "We will strive to enhance our leading end-to-end customer experience, our integrated digital and high-touch sales and service capability and our position as a single source for premier branded and innovative products and services."
Litwin, who previously held executive positions with Sears Holdings and Office Depot, became CEO of Manhattan-based Adorama in 2015.
Systemax had revenue of $1.3 billion in 2017.