Avnet Elevates Hamada, 27-year Company Mainstay, to Chief Executive
Appointment effective July, 2011, caps long succession process for Roy Vallee, 34-year Avnet veteran and current chairman and chief executive, who remains as executive chairman.
Avnet Inc. said that Rick Hamada, a highly-regarded 27-year company veteran, will succeed Roy Vallee as chief executive, officially taking command at the outset of the companys new fiscal year on July 4, 2011.
I look forward to working closely with Roy, our Board and our outstanding global team to deliver on Avnets key business objectives and commitments for fiscal year 2012 and beyond, Hamada said.
I remain personally and deeply committed to accelerating the success of our customers, suppliers, employees and shareholders by maintaining a focus on our performance and values-based culture of excellence and our value based management approach to managing, investing in and defining profitable growth across the Avnet enterprise, he said.
Hamada, who began at Avnet in 1983, rose from a technical support specialist to executive positions in sales, marketing and business development. For four years prior to his duties as chief operating officer, he served as president of Avnets Technology Solutions operating unit. Since 2006, he also has been responsible for the companys Electronics Marketing unit, logistics operations, information technology, operational excellence and business innovation, officials said.
Vallee has been with Avnet for 34 years, the past 13 of which he served as chairman and chief executive. He will remain with the company as its executive chairman, involved in Hamadas transition and certain business development efforts such as strategic mergers and acquisitions, officials said.
With Rick completing his fifth successful year as COO and the business performing well, this is the perfect time for me to transition these duties, Vallee said. I look forward to working closely with Rick and our Board to ensure a seamless transition, while contributing in new ways to the success of Avnets stakeholders, he said.
During Vallees tenure, Avnet said that it has quadrupled sales, improved cash flow and return on capital employed by implementing value-based management ideas and principles worldwide.
Avnet posted global sales of $19.16 billion for its fiscal year ended July 3, 2010.