2010 Hall Of Fame: Adam Carroll, President, New Age Electronics
Adam Carroll pilots an all-weather cabin-class plane for business and pleasure. The skills required to captain his aircraft—lightning-quick reactions and turn-on-a-dime instincts—are the same that have served him through a 30-year career in consumer electronics, catapulting him from his beginnings in retail to the ownership of New Age Electronics, which he sold last year to the $7.6 billion SYNNEX Corp.
Case in point: When New Age was formed in Carson, Calif., in 1988 with Sharp fax machines and Packard Bell computers as its sole lines, the fax machine entered hyper-growth mode, becoming the darling of the SOHO movement. Soon, the average selling price plummeted from $1,000 to $200 almost overnight.
"We had to reinvent our company and figure out how to become more relevant but keep our model intact, which was all about low cost and providing services to customers that they wanted, as opposed to building a big architecture and competing against those kinds of companies that had lots of overhead and services," he said. "We could offer a much more lower-cost solution built simply on what the customer needed. With that, we were able to attract new vendors and product lines and start to build out New Age as a company with a different business model."