Vallee to become executive chairman
Avnet Inc. has promoted Rick Hamada to CEO effective July 4, succeeding longtime CEO Roy Vallee.
Hamada himself is a 28-year-veteran of Avnet and currently serves as president and COO. He was recently named one of CRN's Top 25 Channel Mavericks for 2010.
Hamada also has been appointed to the board of directors, effective immediately. Vallee will continue to serve as executive chairman, as part of Avnet's multi-year CEO succession planning process, according to the company.
“I am very excited about our future and the privilege to lead this great team and company,” said Hamada 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 Avnet in 1983 as a technical support specialist and rose through the ranks to take on key leadership responsibilities in sales, marketing, and business development, according to Avnet. He served as president of Avnet Technology Solutions from 2002 to 2006.
Vallee is a 34-year-Avnet veteran and will complete his 13th year as chairman and CEO. As executive chairman, he will provide leadership to the board of directors, focus on a smooth transition, and be involved in select business development efforts such as mergers and acquisitions, according to Avnet.
“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," Vallee said in a statement.
Avnet shares closed at $36.39 last Friday, Feb. 11, up more than $3 per share since the beginning of the year.