Avnet Inc.(AVT) announced the succession plan for the Chairman of the Board, expressing intent to select current board member William Schumann III to serve as the non-executive chairman, subject to his re-election as an Avnet board member by shareholders at its annual meeting in November.
Schumann would succeed Roy Vallee, who has notified Avnet of his intent to retire from the company and to not stand for re-election to the Avnet board.
Schumann, Executive Vice President of FMC Technologies Inc., joined Avnet's board in February 2010. Upon election in November, Schumann would become the company's first independent chairman. Schumann joined FMC Corporation in 1981 and held a variety of progressively responsible financial and operational leadership positions with that organization including Senior Vice President and Chief Financial Officer prior to the creation of FMC Technologies in 2001. He served as FMC Technologies' Chief Financial Officer from 2001 until his retirement from that position in November 2011.
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