UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,  DC 20549

_______________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of report (Date of earliest event reported): May 22, 2018

Avnet, Inc.

(Exact Name of Registrant as Specified in Charter)

 

 

Registrant’s telephone number, including area code:  (480) 643-2000

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Item 5.02   Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On May 22, 2018, the Board of Directors of Avnet, Inc. (the “Company”) appointed Oleg Khaykin to serve as a director of the Company, effective immediately.  Mr. Khaykin will serve on the Audit and Corporate Governance Committees.  There is no arrangement or understanding with any person pursuant to which Mr. Khaykin was selected as a director.  Mr. Khaykin’s compensation for service as a non-employee director will be consistent with that of the Company’s other non-employee directors, which is described under the heading “Director Compensation” in the Company’s definitive proxy statement filed with the Securities and Exchange Commission on September 26, 2017.  The Company issued a press release announcing the appointment of Mr. Khaykin, which is attached hereto as Exhibit 99.1.

 Item 9.01    Financial Statements and Exhibits.

(d)     Exhibits.

 

 

 

 

 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

Exhibit 99.1

 

 

Avnet Names Oleg Khaykin to its Board of Directors

 

 

PHOENIX – May 23, 2018 – Avnet (NASDAQ: AVT), a leading global technology company, today announced that Oleg Khaykin has been appointed to the company's board of directors. He will also serve on the audit committee and the corporate governance committee.

 

Khaykin is currently president and CEO of Viavi Solutions, Inc., a provider of network and service enablement solutions. He is also a member of their board of directors. He joined Viavi in February 2016.

 

"Oleg’s extensive experience in the semiconductor industry and with technology companies makes him an ideal addition,” said William H. Schumann III, chairman of the board of Avnet, Inc. "Oleg is a well-respected leader who will bring valuable insights to the Avnet board as we continue to guide the company on a plan to future growth.”

 

Prior to joining Viavi, Khaykin served as a senior advisor at Silver Lake Partners. Previously he had served as president and CEO, and as a member of the board of directors, at International Rectifier, a world leader in power management technology, from 2008 until its acquisition by Infineon AG in 2015. During his tenure, he successfully turned around the company and transformed it into the world leader in power semiconductors.

 

Khaykin has also served as Chief Operating Officer of Amkor Technology, Inc., a provider of semiconductor assembly and test services, and vice president of strategy and business development at Conexant Systems, Inc. and Mindspeed Technologies, Inc. He was previously a member of the board of directors of Newport Corporation until its acquisition by MKS Instruments (2010-2016) and Zarlink Semiconductor, Inc. (2007-2011). His extensive operational experience and strategic leadership at other technology companies makes him an ideal executive to serve on the board of directors for Avnet.

 

“I am pleased to be joining the Avnet board of directors as I have known Avnet for many years and have worked with the company as both a customer and as a supplier,” said Khaykin. “I look forward to contributing to the company in support of its transformation strategy and continued growth.”

 

Khaykin holds an MBA from Northwestern University’s J.L. Kellogg Graduate School of Management and a Bachelor of Science in Electrical Engineering (BSEE) with High University Honors from Carnegie-Mellon. He also currently serves on the Board of Directors of Marvell Semiconductors.

 

Follow Avnet on Twitter: @Avnet

Connect with Avnet on LinkedIn: http://www.linkedin.com/company/avnet

Connect with Avnet on Facebook: http://www.facebook.com/AvnetInc

 

All brands and trade names are trademarks or registered trademarks, and are the properties of their respective owners. Avnet disclaims any proprietary interest in marks other than its own.

 

About Avnet

 

From idea to design and from prototype to production, Avnet supports customers at each stage of a product’s lifecycle. A comprehensive portfolio of design and supply chain services makes Avnet the go-to guide for innovators who set the pace for technological change. For nearly a century, Avnet has helped its customers and suppliers around the world realize the transformative possibilities of technology. Learn more about Avnet at www.avnet.com. (AVT_IR)

 

Investor Relations Contact

Vincent Keenan

Investor Relations

(480) 643-7053

investorrelations@avnet.com 

 

Media Contacts

Maureen O'Leary

Avnet

corporate.communications@avnet.com 

(480) 643-7499

 

Jamie Ernst

Brodeur Partners

jernst@brodeur.com 

480-308-0286