Roy Vallee to Continue as Executive Chairman
Inc. (NYSE:AVT), a leading global technology distributor, announced
today that the Board of Directors has promoted Rick Hamada, 53, to Chief
Executive Officer (CEO) effective July 4, 2011, concurrent with the
beginning of Avnet's new fiscal year. Hamada, who currently serves as
Avnet's President and Chief Operating Officer (COO), has also been
appointed to the Company's Board of Directors, effective immediately.
Roy Vallee, Avnet's current Chairman and CEO, will continue to serve as
Executive Chairman. These moves are a culmination of a multi-year CEO
succession planning process.
Hamada has been with Avnet since 1983 and has a strong track record of
performance and team success. He started his career with Avnet as a
technical support specialist and rose through the ranks to take on key
leadership responsibilities in sales, marketing, and business
development. In July 2006, Hamada was named COO and has been directly
responsible for Avnet's operating groups, Electronics Marketing and
Technology Solutions, as well as global logistics operations,
information technology, operational excellence and business innovation.
Prior to COO, Hamada had served as president of Technology Solutions
since January 2002, driving profitable growth and global expansion,
while achieving Avnet's highest return on capital performance. Hamada
was first elected a corporate officer of Avnet in 1999, is a member of
Avnet's Executive Board and chairs Avnet's Global Executive Council. He
is a graduate of San Diego State University.
"I am very excited about our future and the privilege to lead this great
team and company," said Hamada. "I look forward to working closely with
Roy, our Board and our outstanding global team to deliver on Avnet's key
business objectives and commitments for fiscal year 2012 and beyond. I
remain personally and deeply committed to accelerating the success of
our customers, suppliers, employees and shareholders by maintaining a
focus on our performance and values-based culture of excellence and our
value based management approach to managing, investing in and defining
profitable growth across the Avnet enterprise."
Vallee has been with Avnet for 34 years and is completing his 13th
year as Chairman and CEO. During his tenure as CEO, Avnet has quadrupled
sales while significantly improving return on capital employed and cash
flow by establishing and driving value based management principles
globally. As Executive Chairman, Vallee will continue to provide Board
leadership, focus on a smooth transition, and be actively involved in
selected business development efforts, including strategic mergers and
"It has been a privilege to serve as Avnet's CEO these past 13 years.
With Rick completing his fifth successful year as COO and the business
performing well, this is the perfect time for me to transition these
duties. I look forward to working closely with Rick and our Board to
ensure a seamless transition, while contributing in new ways to the
success of Avnet's stakeholders," said Vallee.
This press release contains certain "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
These statements are based on management's current expectations and are
subject to uncertainty and changes in facts and circumstances. The
forward-looking statements herein include statements addressing future
financial and operating results of Avnet and may include words such as
"will," "anticipate," "expect," believe," "forecast," and "should," and
other words and terms of similar meaning in connection with any
discussions of future operating or financial performance, business
prospects or market conditions. Actual results may vary materially from
the expectations contained in the forward-looking statements.
The following factors, among others, could cause actual results to
differ materially from those described in the forward-looking
statements: the Company's ability to retain and grow market share and to
generate additional cash flow, risks associated with any acquisition
activities and the successful integration of acquired companies, any
significant and unanticipated sales decline, changes in business
conditions and the economy in general, changes in market demand and
pricing pressures, any material changes in the allocation of product or
product rebates by suppliers, other competitive and/or regulatory
factors affecting the businesses of Avnet generally.
More detailed information about these and other factors is set forth in
Avnet's filings with the Securities and Exchange Commission, including
the Company's reports on Form 10-K, Form 10-Q and Form 8-K. Avnet is
under no obligation to update any forward-looking statements, whether as
a result of new information, future events or otherwise.
About Avnet, Inc.
Avnet, Inc. (NYSE:AVT), a Fortune 500 company, is one of the
largest distributors of electronic components, computer products and
embedded technology serving customers in more than 70 countries
worldwide. Avnet accelerates its partners' success by connecting the
world's leading technology suppliers with a broad base of more than
100,000 customers by providing cost-effective, value-added services and
solutions. For the fiscal year ended July 3, 2010, Avnet generated
revenue of $19.16 billion. For more information, visit www.avnet.com.
Michelle Gorel, 480-643-7653
President, Public Relations
Source: Avnet, Inc.
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