Technology distributor Avnet, Inc. (AVT) Monday said its Board of Directors has promoted President and Chief Operating Officer Rick Hamada to the role of Chief Executive Officer. Hamada will be succeeding Roy Vallee, who will continue to serve as Executive Chairman. The changes are effective July 4, concurrent with the beginning of Avnet's new fiscal year.
Hamada, 53, has also been appointed to the Board, with immediate effect. The company noted that the changes are a culmination of a multi-year CEO succession planning process.
The distributor of electronic components, computer products and embedded technology noted that the newly named CEO has been with the company since 1983, who joined as a technical support specialist. In July 2006, Hamada was named COO.
Meanwhile, Vallee has been with Avnet for 34 years and is completing his 13th year as Chairman and CEO. As Executive Chairman, he will continue to provide Board leadership, and focus on a smooth transition. He will also be actively involved in selected business development efforts, including strategic mergers and acquisitions.
Commenting on his new role, Hamada stated, "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."
"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," Vallee said.
AVT closed Friday's regular trading session at $36.39, up $0.07 or 0.19%.
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