On July 4, technology distributor Avnet’s President and Chief Operating Officer
Rick Hamada will take over the CEO role from
current Chief Executive Roy Vallee in the final stage of a multiyear CEO
succession process, the company announced.
Hamada will also join the distributor’s board of directors, effectively
immediately. His promotion to CEO will
coincide with the beginning of Avnet’s next fiscal year this summer. Vallee
will continue with Avnet as executive chairman.
"I am very excited about our future and the privilege to lead this
great team and company," said Hamada, 53, in a statement. "I
look forward to working closely with Roy, our Board and our outstanding global
team to deliver on Avnet’s key business objectives and commitments for fiscal
year 2012 and beyond. 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."
Hamada joined the company in 1983 as a technical support specialist and over
the years moved through the ranks to take on leadership roles in sales, marketing
and business development. As COO he was
responsible for Avnet’s Electronics Marketing and Technology Solutions groups,
operating groups and global logistical operations, IT, operational excellence
and business innovation. From 2002 to 2006, he served as the president of the
Technology Solutions group.
Vallee joined the company 34 years ago, and this year marks his 13th
as CEO. He will take on the executive
chairman role in July.
"It has been a privilege to serve as Avnet’s CEO
these past 13 years. 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. 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
Avnet’s stakeholders," Vallee said in a statement.