at an average annual rate of 34 percent. By the end of the decade, the company's electronics distribution sales had climbed to $177 million, making Arrow the country's second largest electronics distributor. The company took on high levels of debt through frequent public bond offerings, to fund its growth strategy. Additional growth capital was provided through the 1969 acquisition of Schuylkill Metals Corporation, a lead recycling company. (This business, having served its purpose, was sold in 1987 amidst problems associated with being designated an EPA Superfund site contaminated with lead and chromium.) In the 1970s, Arrow discontinued its retail operations and inaugurated the electronics distribution's first integrated on-line, real-time computer system to provide up-to-the-minute inventory positions and facilitate remote order entry. In 1979, Arrow was listed on the New York Stock Exchange. That same year, it acquired Cramer Electronics (historically the U.S.’s second-largest distributor), the company's first major industry acquisition, which provided access to many markets in the western United States. 1980s to present On December 4, 1980, a fire in a Harrison, New York, hotel conference center killed 13 members of Arrow's senior management, including Glenn and Green. Waddell assumed leadership and, in 1982, recruited Stephen P. Kaufman, formerly a partner of McKinsey & Company, to join Arrow as President of the company's Electronics Distribution Division. Kaufman succeeded Waddell as CEO in 1986 and as chairman in 1994. In 1988, Arrow adopted a growth strategy by acquiring Kierulff Electronics. According to Forbes, the company closed down all four Kierulff Electronics warehouses and within a year it experienced "miraculous" growth that went from a bottom line of $16 million loss in 1987 to operating profits of $10 million. During his nearly two decades with Arrow, Kaufman led the company's consolidation of the U.S. electronics distribution industry as well as the company's expansion into Europe and the Asia-Pacific region. Under Kaufman's leadership, Arrow completed over 50 acquisitions of electronics distributors, including such prominent names as Ducommun (Kierulff), Lex (Schweber), Zeus, Anthem, Bell, and Wyle (all in the U.S.), Spoerle (Germany), Silverstar (Italy), and CAL (Hong Kong and China). Kaufman also led the company into the national distribution of commercial computer products, initially through its acquisition of Gates/FA Distributing. Arrow entered the 21st century with global sales of $9 billion—$6 billion of electronic components and $3 billion of computer products. Kaufman stepped down as CEO in 2000, retired as chairman in 2002,