News Wire

Rick Hamada Named Avnet CEO

PHOENIX, Ariz. — Avnet, 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 acquisitions.

“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.

{complink 577|Avnet Inc.}

0 comments on “Rick Hamada Named Avnet CEO

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.