Avnet appoints new ceo

The transition was announced earlier this year when Vallee revealed he would vacate the position to coincide with the end of Avnet's fiscal year, but would stay on in an executive chairman role. Vallee has been with Avnet for 34 years and served as chairman and ceo the past for 13 years. In a statement, he noted the perfect timing of the transition and maintained that Hamada had the skills, experience, passion and values needed to lead Avnet to the next level of performance. "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," he said. "We continue to grow much faster than the markets we serve, while meeting or exceeding our stated return on capital goals. I truly believe that Avnet's future is bright, and 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." Hamada has been with the company since 1983 and has undertaken the role of company coo for the past five years. "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," he said.