Hamada Assumes Avnet's Top Exec Slot Next Month
Rick Hamada, Avnet Inc.'s current chief operating officer, will become the company's chief executive on August 1 at the beginning of its fiscal year 2012, replacing 34-year veteran Roy Vallee, who has held the top spot for the past 13 years.
Avnet first announced Hamada's ascension in mid-February, which it said culminated a multi-year succession plan. Hamada, who has been with Avnet since 1983, has been its chief operating officer since July 2006.
Vallee will continue with the company as executive chairman of its board of directors.
"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," Vallee said.
Hamada is Avnet's ninth chief executive in the company's 90-year history.
"I remain personally and deeply committed to accelerating the success of our customers, suppliers, employees and shareholders by maintaining our focus on performance and our value-based management approach to managing, investing in and defining profitable growth across the Avnet enterprise," Hamada said.
In late April, Avnet issued guidance for Q4 2011 upward, telling analysts that it expects consolidated sales for the period to range between $6.60 billion and $7.30 billion and earnings per share (EPS) about $1.10-$1.22 per share. Analysts were anticipating revenue of $6.51 billion and EPS of $1.04 for fourth quarter of 2011.
Separately, Avnet Technology Solutions (ATS), Avnet's distribution arm, said that it has appointed Cooke Serrano as vice president of finance. Serrano, a 20-year veteran in the finance and accounting fields, previously worked at Goodrich Corp., Motorola Corp. and Foodservice Corp. in financial management positions, officials said.
Serrano, who will manage ATS's finance teams in North America, will report to Rusty Murdaugh, ATS group finance officer.