Another Executive Out At Avnet

Fred Cuen has left Avnet as president of Avnet Technology Solutions Americas, according to the company. The move was "mutually agreed upon" by the company and Cuen, and the Tempe, Ariz.-based distributor is actively recruiting for a replacement, according to a spokeswoman.

Cuen is at least the second high-profile executive to leave Avnet in as many months. Anna McDermott stepped down as senior vice president of customer engagement for Avnet Technology Solutions in April. McDermott, previously CEO of Access Distribution before it was acquired by Avnet, said she is seeking to run a company.

In late March, Avnet laid off "less than 2 percent" of its Technology Solutions Americas associates. Among those cuts was marketing executive Mark Kulaga. Cuen previously ran Avnet's IBM distribution business in the United States, Canada, Mexico and Australia, and helped grow the company's IBM business from $800 million to more than $1.5 billion, according to Avnet's Web site.

Cuen is overseas and could not be reached for comment, according to his assistant. Avnet executives could not be reached for immediate comment.

Cuen's departure is effective immediately, according to a spokeswoman. John Paget, president of Avnet Technology Solutions on a global level will assume Cuen's Americas responsibilities until a replacement is found.

Last month, Avnet posted fiscal third-quarter sales and earnings in line with expectations, but the distributor had lowered those expectations earlier in the month. Revenue and earnings per share were $4.42 billion and 76 cents, respectively, which compares with original guidance of revenue of $4.37 billion to $4.57 billion and net income of 85 cents per share.

Avnet shares closed at $27.62 Wednesday, up 10 cents per share.