PHOENIX--(BUSINESS WIRE)--
The Avnet,
Inc. (NYSE:AVT)
Board of Directors today announced the succession plan for the Chairman
of the Board, expressing intent to select current board member William
Schumann III to serve as the non-executive chairman, subject to his
re-election as an Avnet board member by shareholders at its annual
meeting in November. Mr. Schumann would succeed Roy Vallee, who has
notified Avnet of his intent to retire from the company and to not stand
for re-election to the Avnet board. This chairman succession represents
the culmination of a well planned leadership transition that began
several years ago.
Roy Vallee, Avnet Executive Chairman of the Board (Photo: Business Wire)
Mr. Schumann, Executive Vice President of FMC Technologies, Inc., joined
Avnet's board in February 2010. Upon election in November, Mr. Schumann
would become the company's first independent chairman. Mr. Schumann
joined FMC Corporation in 1981 and held a variety of progressively
responsible financial and operational leadership positions with that
organization including Senior Vice President and Chief Financial Officer
prior to the creation of FMC Technologies in 2001. He served as FMC
Technologies' Chief Financial Officer from 2001 until his retirement
from that position in November 2011.
"Since joining the Avnet Board of Directors I've been impressed with the
caliber of Avnet's leadership and its thoughtful approach to profitable
growth and expansion," said Mr. Schumann. "Roy Vallee set the bar high
and inspired great performance. I'm honored and excited with the
opportunity to serve as the next chairman of Avnet's Board of Directors."
Mr. Vallee has been with Avnet for 35 years, including 14 years as
Chairman and 13 years as Chief Executive Officer. During his tenure as
CEO, Avnet more than quadrupled sales while significantly improving
return on capital employed and cash flow by establishing and driving
value based management principles globally. While with Avnet, Mr.
Vallee has earned a number of awards and widespread industry
recognition for his vision, leadership and service to the community. He
remains a member of the boards of directors of two other publicly held
companies: Teradyne (NYSE:TER), and Synopsys, Inc. (Nasdaq:SNPS), and he
is a member of the Twelfth District Economic Advisory Council for the
Federal Reserve Bank of San Francisco (FRBSF). Mr. Vallee was succeeded
in his Avnet CEO role by Rick Hamada in July 2011.
"My career with Avnet has been both an honor and a privilege," said Mr.
Vallee. "I feel extremely fortunate to have had the opportunity to lead
this incredible company and excellent Board of Directors. Now that the
smooth leadership transition is being completed, it is time for the next
step in my personal journey. I am very confident that the leadership of
Avnet is stronger than ever and that our world class global team will
drive Avnet to new heights."
"Roy's leadership and vision have guided Avnet to be recognized as the
clear leader in our industry," added Rick Hamada, chief executive
officer of Avnet. "While he will be missed, his active contributions to
our smooth transitions have prepared us well for the next steps in
Avnet's journey. We understand and respect his decisions and we wish him
the best in his future endeavors. I look forward to teaming with Bill as
Avnet's new chairman to continue our momentum in delivering on Avnet's
key strategic and financial business objectives."
About Avnet
Avnet, Inc. (NYSE:AVT), a Fortune 500 company, is one of the
largest distributors of electronic components, computer products and
embedded technology serving customers globally. Avnet accelerates its
partners' success by connecting the world's leading technology suppliers
with a broad base of customers by providing cost-effective, value-added
services and solutions. For the fiscal year ended June 30, 2012, Avnet
generated revenue of $25.7 billion. For more information, visit www.avnet.com.
(AVT_IR)
Forward Looking Statements
This press release contains certain "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
These statements are based on management's current expectations and are
subject to uncertainty and changes in facts and circumstances. The
forward-looking statements herein include statements addressing future
financial and operating results of Avnet and may include words such as
"will," "anticipate," "expect," believe," "intend," and "should," and
other words and terms of similar meaning in connection with any
discussions of future operating or financial performance or business
prospects. Actual results may vary materially from the expectations
contained in the forward-looking statements.
The following factors, among others, could cause actual results to
differ materially from those described in the forward-looking
statements: the Company's ability to retain and grow market share and to
generate additional cash flow, risks associated with any acquisition or
disposition activities, the successful integration of acquired
companies, any significant and unanticipated sales decline, changes in
business conditions and the economy in general, changes in market demand
and pricing pressures, any material changes in the allocation of product
or product rebates by suppliers, allocations of products by suppliers,
other competitive and/or regulatory factors affecting the businesses of
Avnet generally.
More detailed information about these and other factors is set forth in
Avnet's filings with the Securities and Exchange Commission, including
the Company's reports on Form 10-K, Form 10-Q and Form 8-K. Except as
required by law, Avnet is under no obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50373443&lang=en
Avnet, Inc.
Public Relations
Michelle Gorel, +1
480-643-7653
Vice President, Public Relations
michelle.gorel@avnet.com
or
Investor
Relations
Vincent Keenan, +1 480-643-7053
Vice President,
Investor Relations
Vincent.keenan@avnet.com
Source: Avnet, Inc.
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