UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(d) Effective on August 25, 2021, the Board of Directors of Avnet, Inc. (the “Company”) elected Ernest E. Maddock to serve as a director of the Company. Mr. Maddock will serve on the Audit and Finance Committees. There is no arrangement or understanding with any person pursuant to which Mr. Maddock was selected as a director.
Mr. Maddock’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 (“SEC”) on October 2, 2020. In addition, the Company plans to enter into an Indemnification Agreement with Mr. Maddock in substantially the same form as previously filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 8, 2006.
On August 25, 2021, the Company issued a press release announcing the appointment of Mr. Maddock, which is attached hereto as Exhibit 99.1.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
The following materials are attached as exhibits to this Current Report on Form 8-K:
| Exhibit Number |
Description | |
| 99.1 | Press Release dated August 25, 2021. | |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL). |
SIGNATURES
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.
| Date: August 25, 2021 | Avnet, Inc. |
| /s/ Thomas Liguori | |
| Thomas Liguori | |
| Chief Financial Officer |
Exhibit 99.1
Avnet Names Ernest Maddock to Its Board of Directors
PHOENIX – August 25, 2021 – Avnet (NASDAQ: AVT) has appointed industry leader Ernest Maddock to the company's board of directors, effective immediately. Mr. Maddock’s will serve on the board’s Audit and Finance Committees.
Mr. Maddock brings extensive technology industry knowledge and financial experience. He retired from Micron Technology in 2018, having held the position of Chief Financial Officer and advisor. He previously served as CFO at Riverbed Technology (2013-2015) and LAM Research Corporation (2008-2013). In addition, he held various financial and accounting positions throughout his 40-plus year career, including with NCR Corp. and Lockheed Martin.
“Ernie brings expertise from a long-established financial career in the technology industry, and is a welcome addition to our board as we continue strengthening our corporate governance,” said Rodney C. Adkins, chairman of the board of Avnet. "We look forward to his added guidance as Avnet further grows our global business in our Centennial year and beyond.”
Mr. Maddock serves on the board of Ultra Clean Holdings, Inc., a developer and supplier of critical subsystems for the semiconductor capital equipment industry focusing on gas delivery systems.
He holds an MBA from Georgia State University and a bachelor’s in industrial management from the Georgia Institute of Technology.
About Avnet
As a leading global technology distributor and solutions provider, Avnet has served customers’ evolving needs for an entire century. We support customers at each stage of a product’s lifecycle, from idea to design and from prototype to production. Our unique position at the center of the technology value chain enables us to accelerate the design and supply stages of product development so customers can realize revenue faster. Decade after decade, Avnet helps its customers and suppliers around the world realize the transformative possibilities of technology. Learn more about Avnet at www.avnet.com. (AVT_IR)
Avnet Media Contacts
Jeanne Forbis
Avnet
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Brodeur Partners for Avnet
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202-899-4639
Investor Relations Contacts
Joe Burke, 480-643-7431
Joseph.Burke@avnet.com
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