Sudden departure.

Analysts scratched their heads after Mike Grainger, president and heir apparent at Santa Ana-based Ingrain Micro Inc., suddenly announced he was retiring.

His departure came just after Ingrain posted strong fourth quarter results, ahead of Wall Street expectations. Grainger, a company veteran and good friend of the controlling Ingrain family, gradually had assumed greater control.

"We view the departure as a disappointment, as Grainger was a seasoned, extremely talented and well-respected member of Ingram's management team," Steve Fortuna, an analyst with Prudential Equity Group, said in a note. "We note that Grainger was often viewed by investors as the natural successor to current Chief Executive Kent Foster."

The company announced that Gregory Spierkel, president of the European region, and Kevin Murai, president of the North American region, would hold the president's office in a dual role--a strategy Fortuna said has "inherent risks."

Foster said the decision to promote Mural and Spierkel to co-presidency didn't come in response to Grainger's decision to retire. Rather, Grainger's decision came after Ingram's board decided to promote the two to Grainger's office. However, Foster said Grainger wasn't forced out.

Grainger told Computer Reseller News that "I would have wanted a higher position one day, that is for sure."

A spokeswoman for Ingrain Micro, Marie Meoli, declined to make Grainger available for further comment.