UPDATE: The IT distribution, retail and education company's stock hits a 52-week low.

Warwick Grey, who co-founded Renaissance with his brother Trevor in 1989, has left the company for a second time.

Tighter margins on iPhones and iPads, the appointment of a second Apple distributor, plus the Christchurch quakes cause a perfect storm for the NZX-listed IT distributor, which reveals it has laid off 100 staff.

Digital technology firm Renaissance Group has announced a 10% rise in revenues, but its chairman warns the future may have a "few bumps along the path."

READ ALSO: Ingram Micro nabs iPad co-distributorship

NZX-listed Renaissance has piggybacked off its success with its iPad application My Secret Diary earlier this year by securing a deal with publishing giant Penguin Group USA.

Targeted at the tween market, My Secret Diary was created by Renaissance (NZX: RNS) partly to showcase the ability of its 15-strong design team and software development in New Zealand generally.

As widely expected, Apple has appointed a second New Zealand agent: Ingram Micro NZ. Ingram Micro will work alongside Apple's existing distributor, Reniassance (NZX: RNS).

US-owned Ingram Micro is the world's largest IT distribution company, and easily the largest in NZ.

Eyerman to head new business unit
Ingram Micro New Zealand has formed a new new Apple Business Unit, which will be headed by Kelly Eyerman.