Arrow Names New CEO, Posts ‘Record’ Earnings

The Colorado-based company named Sean J. Kerins president and CEO and posted 1Q sales of more than $9 billion.
Arrow 1Q 2022

Electronic components distributor Arrow Electronics Inc. (NYSE: ARW) of Centennial, Colorado, announced Sean J. Kerins as president and CEO, effective June 1. Kerins succeeds Michael J. Long, who will become executive chairman of Arrow’s board of directors.

Kerins, who has worked for Arrow nearly 15 years, has served as chief operating officer since December 2020. He previously worked as president of Arrow’s global enterprise computing solutions business since 2014, and previously president of the North American region for that business.

“Sean’s leadership and proven track record at Arrow make him the ideal executive to succeed Mike Long,” said Barry W. Perry, lead independent director of the Arrow board of directors. “Our commitment to multi-year succession planning provides continuity for our shareholders, customers, suppliers, and employees.”

The company also reported its 2022 first-quarter earnings. Arrow posted 1Q sales of $9.07 billion, an increase of 8% over $8.39 billion in the first quarter of 2021.

1Q 2022 net income was $365 million, or $5.31 per share on a diluted basis, compared with a net income of $206 million, or $2.72 per share on a diluted basis, in 1Q 2021, Arrow said.

“Arrow’s unwavering commitment to our customers’ success continues to foster expanding opportunities for our own business in the areas of supply chain as a service, designed and engineered value-enhancing solutions, and secure management of mission-critical software workloads,” CEO Long said. “At Arrow, we continue to enhance the solutions and services we provide as the markets we serve change at an increasingly rapid pace. Our record results this quarter demonstrate that we remain ahead of the curve, supported by the best team in the industry. We expect component supply to remain well below demand in the coming quarters and through the better part of 2022.”

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