Arrow CEO Scricco Out; Company Hires Search Firm

Arrow Electronics

Kaufman himself will be out the door at Arrow on Sept. 15, the company said, when he will resign so that he may return to Harvard Business School to reassume his position as a senior lecturer.

Word of the high-level departures was not warmly received on Wall Street, where Merrill Lynch downgraded Arrow from a neutral/strong buy to long-term buy, citing uncertainty caused by the departures, in addition to what it suggested were execution risks at a critical time.

Arrow recently sold off its distribution arm, Gates/Arrow, to Synnex Information Technologies.

When Kaufman steps aside in September, board member Daniel Duval will take his post, according to the company. Duval will also then become interim CEO if a permanent CEO is not in place. Arrow retained the executive search firm of Christian and Timbers to help it land its next CEO.

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Arrow's shares will open the day at $23.55 on the New York Stock Exchange, down from the company's 52-week high of $32.97.