Outgoing Avnet CEO Roy Vallee claims the global IT distributor is growing faster than the markets it serves as he hands over the reins to long-serving executive and former chief operating officer Rick Hamada.
Hamada was named in February as the successor to Vallee, who stays on with Avnet as executive chairman of the company’s board of directors.
“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,” Vallee said.
“We continue to grow much faster than the markets we serve, while meeting or exceeding our stated return on capital goals.”
In April this year, Avnet reported better-than-expected 2011 third quarter sales of $US6.6 billion, a 40 percent jump on the previous corresponding period.
Operating income rose 47 percent to $US257 million for the same period, however Avnet reported that operating income margin fell 58 basis points to just over two percent due to the costs associated with acquisitions.
Over the last few years Avnet has made several acquisitions including Bell Micro Products, Vanda Group, PT Datamation and most recently itX Group.