- Push-out Score determined
- After about four years in the position
- Praise and thanks for Amelio
- Phil Gallagher taking over in the interim
(exechange) — Phoenix, Arizona, August 3, 2020 — Bill Amelio, chief executive of Avnet, leaves. As announced by Avnet Inc. in a news release on Monday, August 3, 2020, William J. (Bill) Amelio leaves his post as chief executive officer at the electronic components distributor after about four years in the role.
The exact date of Bill Amelio’s departure from his post was not explicitly given in the announcement.
Bill Amelio’s duties as CEO will be taken over in the interim by Philip R. (Phil) Gallagher, currently Global President of the Electronic Components business of Avnet Inc., as Interim Chief Executive Officer.
Avnet has already removed the name of Amelio as Chief Executive Officer from the leadership page on its website and lists Phil Gallagher as Interim CEO and Global President, Electronic Components.
“Accelerating the profitable growth of our core distribution business and Farnell”
Avnet did not give an explicit reason for Bill Amelio’s departure from the CEO post. Gallagher said: “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.”
Precise information regarding Bill Amelio’s future plans was not immediately available.
Avnet said: “William J. (“Bill”) Amelio is moving on from his role as Chief Executive Officer and as a member of the Avnet Board of Directors.”
Share price decline
The announcement follows a decline in Avnet Inc.’s share price of 37% since January 2020.
Chaired by Rodney C. Adkins
Avnet Inc. is chaired by Rodney C. Adkins.
In the position of CEO since 2016
Bill Amelio became CEO of the Company in 2016.
Amelio has served as the Chief Executive Officer of the Company since July 2016 and as a director since 2014.
From 2010 to 2015, he had served as the President, Chief Executive Officer and as a director of CHC Group Ltd., a global helicopter services provider.
In May 2016, CHC Group filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code.
From 2005 to 2009, Amelio served as the President and Chief Executive Officer of Lenovo Group Limited (HKSE: 992) (ADR: LNVGY).
From 2001 to 2005, he was regional Senior Vice President and President, Asia-Pacific and Japan for Dell, Inc.
Amelio currently serves on the board of directors of S&P Global (NYSE: SPGI), and had previously served on the board of directors of National Semiconductor from 2010 to 2011, prior to its acquisition by Texas Instruments.
Through the Amelio Foundation, Amelio and his wife founded Caring for Cambodia, a non-profit organization that aims to educate the children of Cambodia through building schools, training teachers and providing for basic human needs.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Avnet and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 32.2020 ($).