The long-time leader of a $1 billion industrial supplies distribution company is stepping down. Barry Litwin, CEO of Global Industrial Inc., is leaving the company after six years as the top executive.

While the search for a new CEO begins, executive chair Richard Leeds has been appointed as interim CEO. The transition will be effective as of Aug. 9, says Global Industrial.

New Global Industrial CEO

Leeds joined Global Industrial in 1982 and served as its chair and CEO from 1995 until becoming executive chair in 2016. He also previously served as president of the Company’s Industrial Products Group until 2011.

Global Industrial didn’t provide a specific reason for Litwin’s departure, but he is leaving on good terms.

“Mr. Litwin’s resignation is not the result of any disagreement with the Company on any matter relating to the company’s operations, policies, or practices,” according to a filing with the U.S. Securities and Exchange Commission.

Litwin was appointed CEO of the company in 2019 and has served as director since 2017. He was previously the CEO of Adorama, Inc., a retailer of professional camera, audio, and video equipment. He has also served in executive roles overseeing the ecommerce businesses and digital strategy for Sears Holdings, Inc., Office Depot, and Newark Electronics Inc.

In 2023, Litwin received total compensation of $2.775 million, including a base salary of $983,700, according to Global Industrial’s proxy filing. As executive chair, Leeds was paid a salary of $950,000 and received total compensation of $980,000, according to the filing.

Global Industrial Co. started its 2024 fiscal year on a positive note, growing net sales year over year.

Global Industrial revenue was $323.4 million for the first quarter ended March 31. That’s an 18.1% increase over $237.8 million in Q1 2023. More than 60% of sales take place online.

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