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Components | July 05, 2011

Rick Hamada takes reins as Avnet CEO

Rick Hamada has succeeded Roy Vallee as Avnet'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.

Mr 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. Mr Hamada had previously served as Chief Operating Officer (COO) since July 2006. "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 Mr 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."
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