Changing of the guard at Hughes Supply
Thomas Morgan has joined Hughes Supply (Orlando, Fla.) as president/chief operating officer, succeeding Stewart Hall, who resigned from that position to work in a family business with his son.
Most recently Morgan had been CEO at enfoTrust Networks, an information technology company that provides businesses and government with information storage, management and delivery solutions. Prior to that he was CEO of Value America, an Internet retailer, and before that he served as chief operations officer and then CEO of U.S. Office Products, an office supply company. Morgan also spent 22 years at Genuine Parts Co., where he learned the distribution business.
"Genuine Parts, like Hughes Supply, was founded in 1928 and has posted an incredible record of success as an $8 billion distributor with 41 consecutive years of growth in earnings per share," said David Hughes, chairman/ CEO of Hughes Supply. "Tom Morgan brings with him this experience in management, logistics and information technology to Hughes Supply. We are certain that Tom will lead Hughes Supply to continued success."
Hughes posted its ninth consecutive year of record sales for the fiscal year ended January 2001, he said. Earnings per share have grown at a compound rate of 15% per year since 1991.
Morgan will be an excellent leader for Hughes Supply, said Stewart Hall, speaking from ASHcorp International, Orlando, Fla., the business founded by his son.
"I hope that Tom Morgan and I will have a relationship into the future, as we share a lot of common interests," Hall said.
Hall said the number one reason behind his decision to leave Hughes Supply at this time was the opportunity to work with his son and secondly to have more time to spend with family and friends.
"I've had 28 years with Hughes, eight as president," Hall said. "I'm approaching 59 years old. A job of that magnitude is very demanding, involving a lot of travel and stress. You miss out on things in your personal life and after a while it becomes an issue."
Looking back over his career with Hughes, Hall said he is proud of the company's extraordinary growth and the management team that has been assembled.
"The company is certainly in good hands," he said. "When I first got involved in an upper-level management position at Hughes it used to be called the sleeping giant. This management team woke up the giant to become an important and well-known factor in the industry. We have created integrity and trust between our company and its vendors and customers, and developed some trust between our competitors."
Hall said he also takes pride in the training and recruiting programs at Hughes that raised the bar regarding the company's expectations of its associates and provided them opportunities to grow.
"In the last few years I've noticed this industry has been sparked by constant change," Hall said. "It used to be it was just the big guys eating the little guys. Now it looks like those that will survive are those that are nimble and can respond quickly to changing market conditions. I have seen smaller companies with that ability to adjust."
Hall said he will miss the many friends and co-workers he knew at Hughes and in the industry, but he won't spend a lot of time looking back. "My season has ended," he said. "Another season is beginning in something new. I have a new career to look at, learn and grow in, and I'm really looking forward to it. I feel renewed in spirit and enthusiasm."
Stewart Hall has been critical to the success and growth of Hughes, said David Hughes. "On behalf of the board, I want to express our gratitude for the leadership he has provided."