PHOENIX--(BUSINESS WIRE)--
Avnet (NYSE: AVT)
today announced that Kevin Moriarty, the Company's Chief Financial
Officer (CFO) for the past 4.5 years, has notified the Company of his
decision to step down from the position due to personal reasons,
effective August 18, 2017. Ken Jacobson, the Company's controller, has
been named interim CFO. Ken has been with Avnet for more than 4 years
and brings a wealth of experience to this role. In addition, Ken has
over 12 years of Big 4 accounting and industry experience working with a
variety of public, private, and international companies. The Company is
initiating a full search process immediately where both internal and
external candidates will be considered.
Bill Amelio, Avnet's Chief Executive Officer, said, "Kevin has
contributed to Avnet's strategy and direction in immeasurable ways.
Kevin leaves a tremendous legacy at Avnet—having completely
reprioritized our portfolio with the sale of our Technology Solutions
business to Tech Data Corporation and the critical acquisitions of
Premier Farnell and Hackster.IO. Kevin was instrumental in our capital
allocation program including overseeing a number of acquisitions,
instituting a dividend and managing our disciplined share repurchase
program. Avnet is on sound financial footing with a differentiated
strategy for growth due in large part to Kevin's leadership and vision."
Mr. Moriarty stated, "I am proud of what was accomplished during my time
at Avnet and believe the Company is positioned for a bright future as
they execute on the strategies we put in place. With a leading position
in technology distribution, a growing digital footprint and a strong
balance sheet, Avnet is positioned to accelerate growth and drive
improved financial performance. As a shareholder, I'm excited to see the
progress the team makes going forward."
Mr. Amelio added, "Kevin has built a solid bench of outstanding finance
professionals, which will ensure a smooth and seamless transition. We
wish him all the best and thank him for his contribution to Avnet."
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.
Visit the Avnet Investor Relations website at www.ir.avnet.com
or contact us at investorrelations@avnet.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170809005429/en/
Avnet
Investor Relations Contact
Vincent Keenan
Investor
Relations
480-643-7053
investorrelations@avnet.com
or
Media
Relations Contact
Maureen O'Leary
Corporate Communications
480-643-7499
maureen.oleary@avnet.com
Source: Avnet
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