Avnet,
Inc. (NYSE: AVT),
a leading global technology distributor, today announced that William
(“Bill”) J. Amelio has been appointed Chief Executive Officer of the
company by the Board of Directors, effective immediately. Mr. Amelio has
been acting in the role of interim CEO of Avnet since July 11, 2016.
Having spent most of his career in senior roles managing global
technology enterprises and publicly traded companies, he brings more
than 35 years of management and industry experience to Avnet.
William Schumann, Chairman of the Board, said, “The board, under the
leadership of the Corporate Governance Committee and with a nationally
recognized executive search firm, conducted a review of both internal
and external candidates that could be available and concluded that Bill
is the best candidate for the CEO position. Avnet is fortunate to have
someone of Bill’s character and experience. He brings energy and focus
to the business, and the board unanimously agreed that making him the
permanent CEO was in the best interest of our customers, employees and
shareholders.”
Commenting on his new role, Mr. Amelio said, “For me, Avnet is all about
passion and possibilities. We have an experienced management team and an
engaged workforce comprised of talented employees who are dedicated to
serving our customers, suppliers and partners. By better aligning these
resources with our competitive solutions specialist, embedded and supply
chain strengths, Avnet will undoubtedly be positioned to achieve
profitable growth for our shareholders and deliver upon the ever growing
market potential in our industry.”
Mr. Amelio was the president, chief executive officer and a director of
CHC Group Ltd., an international oil-field services company, from 2010
to 2015. From 2005 to 2009, he served as president and chief executive
officer of Lenovo, a multinational Fortune 500 technology company, and
was previously a regional senior vice president and president,
Asia-Pacific and Japan for Dell Inc. He began his career with the
Microelectronics Technology Division of IBM in 1979 and later became the
General Manager Worldwide Operations of the Personal Computer Division.
Mr. Amelio also previously served on the Board of Directors of National
Semiconductor. He has a chemical engineering degree from Lehigh
University and a master’s degree in management from Stanford University.
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All brands and trade names are trademarks or registered trademarks,
and are the properties of their respective owners. Avnet disclaims any
proprietary interest in marks other than its own.
Forward-Looking Statements
This document 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,” “intend,” “estimate,” “forecast,” “expect,”
“feel,” “believe,” “should,” and other words and terms of similar
meaning in connection with any discussions of future operating or
financial performance, business prospects or market conditions. Actual
results may differ 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
activities and the successful integration of acquired companies, an
industry down-cycle in semiconductors, IT hardware or software products,
declines in sales, 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,
and 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.
About Avnet, Inc.
From components to cloud and from design to disposal, Avnet, Inc. (NYSE:AVT)
accelerates the success of customers who build, sell and use technology
by providing a comprehensive portfolio of innovative products, services
and solutions. Avnet is a global company ranked on the FORTUNE 500 with
revenues of $26.2 billion for the fiscal year 2016. For more
information, visit www.avnet.com.
Avnet, Inc.
Investor Relations Contact
Vincent Keenan, 480-643-7053
investorrelations@avnet.com
or
Media Relations Contact
Maureen O’Leary, 480-643-7499
maureen.oleary@avnet.com