Avnet has promoted Rick Hamada, to the top CEO post with Roy Vallee shifting to serve as the distributor’s executive chairman.
Hamada takes on the new role from July 4.
In a statement, Avnet said these moves were a culmination of a multi-year CEO succession planning process.
Hamada has been with Avnet since 1983 and has a strong track record of performance and team success. He started his career with the distributor as a technical support specialist and rose through the ranks to take on key leadership responsibilities in sales, marketing, and business development.
In July 2006, Hamada was named COO and has been directly responsible for Avnet's operating groups, Electronics Marketing and Technology Solutions, as well as global logistics operations, information technology, operational excellence and business innovation.
Prior to COO, Hamada had served as president of Technology Solutions since January 2002, driving profitable growth and global expansion, while achieving Avnet's highest return on capital performance.
"I am very excited about our future and the privilege to lead this great team and company," Hamada said. "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."
Vallee has been with Avnet for 34 years and is completing his thirteenth year as chairman and CEO.
During his tenure as CEO, Avnet quadrupled its sales while significantly improving return on capital employed and cash flow by establishing and driving value based management principles globally. As executive chairman, Vallee will continue to provide Board leadership, focus on a smooth transition, and be actively involved in selected business development efforts, including strategic mergers and acquisitions.
"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.