Rick Hamada is out and William J. (Bill) Amelio is in as Avnet Chief Executive Officer. The shock news was announced first thing Monday morning US East Coast time. No reason was given for Hamada’s departure.
Announced simultaneously was a downgrade in profits at the global distributor. The company said that earnings would be diluted by an ERP implementation in the Americas region of the Electronics Marketing operating group which would result in an $100m shortfall in projected sales for the fourth quarter as well as extra costs to meet customer demand.
Hamada was named CEO in 2011, succeeding Roy Vallee. He joined the company in 1983, and worked his way up to become President and Chief Operating Officer in 2010.
Avnet’s Q3 financial results showed revenues down 8.3 per cent year on year and a 7.6 per cent decline in profits.
Amelio is a member of Avnet’s Board of Directors. He has more than 35 years of management and industry experience having served in senior positions at global publicly traded companies, and spent most of his career managing global technology enterprises.
William H. Schumann, Chairman of the Board said, “Bill’s extensive experience in international business operations, corporate leadership and management will help steer the company toward success in a rapidly changing industry. His proven expertise will be critical in accelerating Avnet’s growth, driving an enhanced execution focus and implementing management systems to promote greater accountability.”
“I look forward to working with the management team and all of Avnet’s talented employees worldwide as we strive to achieve profitable growth for shareholders and operational excellence for customers while enhancing the company’s winning culture to the benefit of employees,” said Amelio.
Amelio was the president, chief executive officer and a director of CHC Group Ltd., an international oil-field services company, from 2010 to 2015. From 2005 to 2009, he served as president and chief executive officer of Lenovo, a multinational Fortune 500 technology company, and was previously a regional senior vice president and president, Asia-Pacific and Japan for Dell Inc. He began his career with the Microelectronics Technology Division of IBM in 1979 and later became the General Manager Worldwide Operations of the Personal Computer Division.
Amelio also previously served on the Board of Directors of National Semiconductor.
“On behalf of the Board, I want to thank Rick for his service and the many important contributions he has made during his 32 years with Avnet,” continued Schumann. “We wish him the best in his future endeavours.”
Amelio is a member of Avnet’s Board of Directors. Amelio brings more than 35 years of management and industry experience to his new role having served in senior positions at global publicly traded companies, and has spent most of his career managing global technology enterprises. Mr. Amelio is replacing Rick Hamada, who is stepping down from his position at the company and on the Board of Directors.
William H. Schumann, Chairman of the Board said, “Bill’s extensive experience in international business operations, corporate leadership and management will help steer the company toward success in a rapidly changing industry. His proven expertise will be critical in accelerating Avnet’s growth, driving an enhanced execution focus and implementing management systems to promote greater accountability.”
“I look forward to working with the management team and all of Avnet’s talented employees worldwide as we strive to achieve profitable growth for shareholders and operational excellence for customers while enhancing the company’s winning culture to the benefit of employees,” said Amelio.
Amelio was the president, chief executive officer and a director of CHC Group Ltd., an international oil-field services company, from 2010 to 2015. From 2005 to 2009, he served as president and chief executive officer of Lenovo, a multinational Fortune 500 technology company, and was previously a regional senior vice president and president, Asia-Pacific and Japan for Dell Inc. He began his career with the Microelectronics Technology Division of IBM in 1979 and later became the General Manager Worldwide Operations of the Personal Computer Division.
Mr. Amelio also previously served on the Board of Directors of National Semiconductor. “On behalf of the Board, I want to thank Rick for his service and the many important contributions he has made during his 32 years with Avnet,” continued Schumann. “We wish him the best in his future endeavours.”
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