Vallee hands over Avnet CEO reins

Avnet chief executive remains as executive chairman but steps aside for successor Rick Hamada

Avnet's chief executive Roy Vallee (pictured) is stepping down today after 13 years at the helm.

Earlier this year, Vallee revealed he would vacate the chief executive position to coincide with the end of Avnet's fiscal year, but would stay on in an executive chairman role for at least a year.

Vallee has worked at Avnet for the past 34 years in various roles.

In a statement, Vallee said: "Avnet is performing well, and we have significantly expanded our global footprint, firmly establishing our company as a global leader in value-added technology distribution. We continue to grow much faster than the markets we serve, while meeting or exceeding our stated return on capital goals.

"Rick is more than ready to become CEO with the skills, experience, passion and values needed to lead Avnet to the next level of performance. This is the perfect time for this transition, and I truly believe that Avnet's future is bright. As I step into my new role as executive chairman, I look forward to working closely with our Board and Rick to ensure Avnet's continued progress, while contributing in new ways to the success of Avnet's stakeholders."

Hamada joined Avnet in 1983 as a technical support specialist and became chief operating officer in 2006. He will now become the ninth chief executive in the 90-year history of Avnet.

"Roy has provided great leadership over the past 13 years, and as a result of his steady and insightful guidance, Avnet has continued to enhance its value to the market, making it the clear leader in our industry," Hamada said.

"I consider it a privilege to lead this great team, and I look forward to working closely with Roy and the Avnet board of directors 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 our focus on performance and our value-based management approach to managing, investing in and defining profitable growth across the Avnet enterprise."