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IN BRIEF

Ingram Micro to Alter Incentive Plan

May 06, 2003|From Bloomberg News

Ingram Micro Inc., the No. 1 distributor of computers and parts, will change an employee incentive plan to win the backing of Fidelity Investments, which owns 4% of the Santa Ana company's shares.

Fidelity said the plan didn't meet its internal guidelines for approval because it lacked minimum restriction periods for non-stock-option and non-stock-appreciation right awards, Ingram Chairman and Chief Executive Kent Foster said in a letter to Fidelity that was filed with the Securities and Exchange Commission.

Fidelity also objects to an administrative committee's being able to waive restriction periods, Foster said.

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