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Avnet Appoints Interim CEO

Electronics distributor Avnet names Phil Gallagher as interim replacement for outgoing CEO Bill Amelio and also announces preliminary fourth-quarter financial results.
Avnet

Avnet Inc. (Nasdaq: AVT), Phoenix, Arizona, on Monday announced that Bill Amelio is moving on from his role as CEO and as a member of the Avnet board of directors.

Rodney C. Adkins, chairman of the board, said, “Bill has been a great asset since joining Avnet’s board of directors in 2014 and for the past four years as CEO. He has been the driver behind our strategy of providing added value to our electronic components distribution business while extending into new growth opportunities, including digital commerce, Farnell and IoT.”

Phil Gallagher, global President of Avnet’s Electronic Components business, has been appointed as the company’s interim CEO.

Adkins said, “Phil has developed an incredible reputation within the company, as well as with our suppliers, customers and investors. The board of directors is thrilled that his steady hands will help guide the company and our important relationships to even greater success.”

Gallagher has worked at Avnet for over 30 years and has held executive leadership positions in sales, marketing, and operations. Recently, he was the global president of Avnet’s Electronics Components business. Gallagher was formerly the President of the National Electronic Distributors Association and currently serves on the advisory board of the Women in Electronics Community.

“I want to thank Bill for his passion while leading Avnet over the past four years,” said Gallagher. “We continue to believe Avnet has a solid foundation from which to grow, with valuable assets, talented employees, and end markets where we see many attractive opportunities. My immediate priorities will be accelerating the profitable growth of our core distribution business and Farnell, as well as enhancing Avnet’s customer journey overall.”

Avnet expects to announce sales of $4.2 billion in the fourth quarter, GAAP diluted earnings per share from continuing operations of $0.53, and non-GAAP adjusted diluted EPS of $0.64. The company will formally announce earnings Thursday after market close.

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