Vallee to Continue as Executive Chairman
Jul. 4, 2011 (Business Wire) -- Avnet, Inc. (NYSE:AVT), a leading global technology distributor, today announced that Rick Hamada has succeeded Roy Vallee as the company'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. 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. Hamada had previously served as Chief Operating Officer (COO) since July 2006.
Rick Hamada has succeeded Roy Vallee as the Avnet Chief Executive Officer (CEO). (Photo: Business Wire)
"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 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."
Hamada joined Avnet in 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 of Avnet, Inc. and has been directly responsible for Avnet's two operating groups, Electronics Marketing and Technology Solutions, as well as global logistics operations, information technology, operational excellence and business innovation. Prior to being named COO, Hamada served as global 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 Board of Directors, and chairs Avnet's Global Executive Council. He is a graduate of San Diego State University. Hamada will become the 9th CEO in the 90-year history of Avnet.