Distributor appoints longtime executive Philip Gallagher to the interim post
Avnet is getting a change in leadership, with William Amelio leaving after four years as CEO and six yeasr on the Phoenix-based distributor’s board of directors.
The Lowdown: The company this week said that Philip Gallagher, who has been global president of Avnet’s electronics component business since 2017 and has a decades-long history with the distributor, will step in at the top spot on an interim basis.
The Details: Avnet officials did not give any reasons for the departure of Amelio, who came to the company in 2016 after stints with such companies as Lenovo – where he was CEO from 2005 to 2009 – Dell, and IBM. He also spent more than four years as CEO of CHC Helicopter, a global helicopter services company in Canada.
In 2016, Amelio oversaw Avnet’s $908 million acquisition of Premier Farnell, an electronics distributor based in the United Kingdom. A couple of months later, Avnet sold its technology services business to Tech Data for $2.6 billion. He also helped expand Avnet’s reach into emerging markets, including the Internet of Things (IoT). In January, the company launched an IoT partner program.
Avnet this week also released preliminary fiscal fourth-quarter numbers, saying it expects sales to hit $4.2 billion and cash flow from operations to reach $288 million. The company will announce official quarterly figures on Aug. 6.
Background: Gallagher was at Avnet from 1997 to late 2015 in a wide range of roles, including as president of electronics marketing and executive vice president of worldwide business development. He left for a year to work at distributor TTI before returning to Avnet in 2017.
The Buzz: “Bill has been a great asset since joining Avnet’s board of directors in 2014 and for the past four years as CEO,” said board chairman Rodney Adkins. “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 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.”
“I want to thank Bill for his passion while leading Avnet over the past four years,” Gallagher said. “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.”