Avnet, Inc. (AVT) said it has promoted Rick Hamada to Chief Executive Officer effective July 4, 2011, concurrent with the beginning of Avnet's new fiscal year. Hamada was also appointed to Avnet's Board of Directors, effective immediately.
Hamada currently serves as Avnet's President and Chief Operating Officer.
Further, Avnet said that Roy Vallee, the company's current Chairman and CEO, will continue to serve as Executive Chairman. 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.
Vallee has been serving Avnet for 34 years and is completing his 13th year as Chairman and CEO.
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