Millards Out Of Day-To-Day Operation
OAKLAND, Calif. (AP) _ William H. Millard and his daughter, Barbara, will surrender day-to-day control of Computerland, the nation’s largest computer chain, the company said Monday.
ComputerLand vice chairman Edward Faber, who previously served 6 years as company president and oversaw some of ComputerLand’s best years, will become president and chief executive immediately, company spokesman Glen Udine said.
William Millard, who had been chief executive, will retain his title as chairman of the company.
His 27-year-old daughter, who had been president and chief operating officer of Computerland, will remain a board member and will become president of IMS Inc., ComputerLand’s holding company.
″I think it’s going to have a very positive, visible effect on the corporate operation as well as the network of stores,″ said Udine.
He said Faber has the ″confidence″ of ComputerLand’s franchisees, some of whom were upset with how the Millard’s ran the company.
″It was decided to get the unity that was needed, and to do it overnight, the quickest way was to name Ed CEO,″ said Udine, referring to a series of discussions that culminated with the weekend’s management change.
″On the board level, it will still be the Millards and Ed that make those decisions. But on the day-to-day level, it will be Ed,″ said Udine.
Chad Hill of the International Association of Computer Dealers praised the management change, but hinted the retailers have other complaints.
″One of the things the franchisees have long been pushing for is a change in top management,″ he said. ″We consider this a step in the right direction.″
The Oakland-based company is still trying to arrange a bonding syndicate to supply $25 million it needs to appeal a March verdict that awarded $141 million and 20 percent of ComputerLand stock to a group of franchisees and others.
Udine said the financing ″is taking longer than we expected,″ but expressed confidence the funds would be available soon.