UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

__________________

FORM 8-K

CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

__________________

Date of Report (Date of earliest event reported)    August 7, 2017

AVNET, INC.
(Exact name of registrant as specified in its charter)

 

 

(480) 643-2000

(Registrant’s telephone number, including area code.)

N/A

(Former name and former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

Item 5.02     Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

On August 7, 2017, Kevin Moriarty gave notice of his resignation as Senior Vice President and Chief Financial Officer of Avnet, Inc. (the “Company”) and as an officer and/or director of the Company’s subsidiaries.  Mr. Moriarty will resign from such positions effective as of August 18, 2017.  Mr. Moriarty is resigning for personal reasons, and there is no dispute between Mr. Moriarty with respect to any financial reporting matters, compliance or otherwise. The Company issued a press release announcing the management changes, a copy of which is included as Exhibit 99.1.

On August 10, 2017, the Board of Directors of the Company appointed Ken Jacobson, currently the Company’s corporate controller, to serve as Interim Chief Financial Officer effective as of August 19, 2017, while the Company completes a search for a permanent replacement.  In this role, he will serve as the Company’s principal accounting and financial officer.

Mr. Jacobson, age 39, has served as the Company’s corporate controller and vice president of global finance since 2013.  As corporate controller, Mr. Jacobson is responsible for the Company’s external reporting, accounting and financial operations.  He has also supported the Company’s acquisition and capital markets programs.  Prior to joining Avnet, Mr. Jacobson served as the director of external reporting and accounting research for First Solar Inc. (2011-2013), where he led external reporting and provided accounting support for acquisitions and sales of solar power projects.  In addition to his time at Avnet, he has over 12 years of public accounting and industry experience. 

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.

 

The following materials are attached as exhibited to this Current Report on Form 8-K:

 

 

 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

EXHIBIT INDEX

 

 

Exhibit 99.1

 

Avnet Announces Plan for Chief Financial Officer Transition

 

PHOENIX – August 9, 2017  – Avnet (NYSE: AVT) today announced that Kevin Moriarty, the Company’s Chief Financial Officer (CFO) for the past 4.5 years, has notified the Company of his decision to step down from the position due to personal reasons, effective August 18, 2017. Ken Jacobson, the Company’s controller, has been named interim CFO.  Ken has been with Avnet for more than 4 years and brings a wealth of experience to this role. In addition, Ken has over 12 years of Big 4 accounting and industry experience working with a variety of public, private, and international companies.  The Company is initiating a full search process immediately where both internal and external candidates will be considered.

 

Bill Amelio, Avnet’s Chief Executive Officer, said, “Kevin has contributed to Avnet’s strategy and direction in immeasurable ways. Kevin leaves a tremendous legacy at Avnet—having completely reprioritized our portfolio with the sale of our Technology Solutions business to Tech Data Corporation and the critical acquisitions of Premier Farnell and Hackster.IO.  Kevin was instrumental in our capital allocation program including overseeing a number of acquisitions, instituting a dividend and managing our disciplined share repurchase program.  Avnet is on sound financial footing with a differentiated strategy for growth due in large part to Kevin’s leadership and vision.”

 

Mr. Moriarty stated, “I am proud of what was accomplished during my time at Avnet and believe the Company is positioned for a bright future as they execute on the strategies we put in place. With a leading position in technology distribution, a growing digital footprint and a strong balance sheet, Avnet is positioned to accelerate growth and drive improved financial performance. As a shareholder, I’m excited to see the progress the team makes going forward.”

   

Mr. Amelio added, “Kevin has built a solid bench of outstanding finance professionals, which will ensure a smooth and seamless transition. We wish him all the best and thank him for his contribution to Avnet.”

 

 

About Avnet

From idea to design and from prototype to production, Avnet supports customers at each stage of a product’s lifecycle. A comprehensive portfolio of design and supply chain services makes Avnet the go-to guide for innovators who set the pace for technological change. For nearly a century, Avnet has helped its customers and suppliers around the world realize the transformative possibilities of technology. Learn more about Avnet at www.avnet.com.

 

Visit the Avnet Investor Relations website at www.ir.avnet.com or contact us at investorrelations@avnet.com.