Swap at the top for Avnet

Chief executive Roy Vallee takes executive chairman role as his CEO boots are filled by Rick Hamada

Rick Hamada is set to take over the chief executive position at distribution giant Avnet to coincide with the beginning of the firm's new fiscal year in July.

Roy Vallee, current chairman and chief executive, will continue to serve as executive chairman, overseeing merger and acquisition activity.

Both moves are a culmination of a multi-year chief executive succession planning process, the firm said in a statement.

Hamada (pictured), 53, was previously president and chief operating officer, and has also been appointed to Avnet's board of directors. He has been with the company since 1983.

In a statement, he said: "I am very excited about our future and the privilege to lead this great team and company. 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," he said.

Vallee has been with Avnet for the past 34 years, and has completed his 13th year as chairman and chief executive. During his reign, the distributor has quadrupled sales.

In his new role as executive chairman, Vallee will continue to provide board leadership, the firm said and be "actively involved" in selected business development efforts, including mergers and acquisitions.

Vallee said: "It has been a privilege to serve as Avnet's chief executive 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."