Avnet CEO Roy Vallee has announced he is to step down from his post at the distributor at the end of the firm's financial year in order to concentrate on the firm's acquisition strategy, with current COO Rick Hamada to take up the torch from 4 July this year.
Vallee (pictured) will continue to serve as executive chairman, in which role he will focus on selected business development efforts, including future M&A; Avnet bought rival Bell Microproducts last spring and in recent weeks has been vocal about the possibility of acquiring again.
Vallee has been with Avnet since the late 1970s and spent the past 13 years as CEO, during which time he has effectively quadrupled company sales.
"It has been a privilege to serve as Avnet CEO these past 12 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," said Vallee in a brief statement.
Avnet said that the transition was the "culmination of a multi-year CEO succession planning process".
Hamada, meanwhile, joined Avnet as a technical support specialist in 1983, rising through the ranks to become president of Technology Solutions in 2002 and COO in 2006.