Vallee to Continue as Executive Chairman
PRNewswire-Asia/ -- Avnet, Inc. (NYSE:AVT)( http://ir.avnet.com ), a leading
global technology distributor, today announced that Rick Hamada has
succeeded Roy Vallee as the company's Chief Executive Officer
(CEO). The transition was previously announced on Feb. 14, 2011,
and became effective with the beginning of Avnet's fiscal year
2012. Vallee will continue to serve as Avnet's Executive Chairman
of the company's Board of Directors. These moves are the
culmination of a multi-year CEO succession planning process. Hamada
had previously served as Chief Operating Officer (COO) since July
2006.
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"Avnet is performing well, and we have significantly expanded
our global footprint, firmly establishing our company as a global
leader in value-added technology distribution," said Vallee. "We
continue to grow much faster than the markets we serve, while
meeting or exceeding our stated return on capital goals. Rick is
more than ready to become CEO with the skills, experience, passion
and values needed to lead Avnet to the next level of performance.
This is the perfect time for this transition, and I truly believe
that Avnet's future is bright. As I step into my new role as
executive chairman, I look forward to working closely with our
Board and Rick to ensure Avnet's continued progress, while
contributing in new ways to the success of Avnet's
stakeholders."
Hamada joined Avnet in 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 of Avnet, Inc. and
has been directly responsible for Avnet's two operating groups,
Electronics Marketing and Technology Solutions, as well as global
logistics operations, information technology, operational
excellence and business innovation. Prior to being named COO,
Hamada served as global 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 Board of Directors, and chairs Avnet's Global Executive
Council. He is a graduate of San Diego State University. Hamada
will become the 9th CEO in the 90 year history of Avnet.
"Avnet has a tremendous future and significant opportunities
ahead," said Hamada. "Roy has provided great leadership over the
past 13 years, and as a result of his steady and insightful
guidance, Avnet has continued to enhance its value to the market,
making it the clear leader in our industry. We are well positioned
to advance our ongoing journey to premier. I consider it a
privilege to lead this great team, and I look forward to working
closely with Roy and the Avnet Board of Directors 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 our focus on performance 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 served as Chairman
and CEO the past for 13 years. During his tenure as CEO, Avnet
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 involved in selected strategic activities.
Forward-Looking Statements
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.