AVNET, INC. (NYSE:AVT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ME Staff 8-k
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AVNET, INC. (NYSE:AVT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 7, 2017, Kevin Moriarty gave notice of his resignation as Senior Vice President and Chief Financial Officer of Avnet, Inc. (the “Company”) and as an officer and/or director of the Company’s subsidiaries.Mr. Moriarty will resign from such positions effective as of August 18, 2017.Mr. Moriarty is resigning for personal reasons, and there is no dispute between Mr. Moriarty with respect to any financial reporting matters, compliance or otherwise. The Company issued a press release announcing the management changes, a copy of which is included as Exhibit 99.1.

On August 10, 2017, the Board of Directors of the Company appointed Ken Jacobson, currently the Company’s corporate controller, to serve as Interim Chief Financial Officer effective as of August 19, 2017, while the Company completes a search for a permanent replacement.In this role, he will serve as the Company’s principal accounting and financial officer.

Mr. Jacobson, age 39, has served as the Company’s corporate controller and vice president of global finance since 2013.As corporate controller, Mr. Jacobson is responsible for the Company’s external reporting, accounting and financial operations.He has also supported the Company’s acquisition and capital markets programs.Prior to joining Avnet, Mr. Jacobson served as the director of external reporting and accounting research for First Solar Inc. (2011-2013), where he led external reporting and provided accounting support for acquisitions and sales of solar power projects.In addition to his time at Avnet, he has over 12 years of public accounting and industry experience.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

The following materials are attached as exhibited to this Current Report on Form 8-K:

Exhibit No.

Description

99.1

Press Release, dated August 9, 2017 (filed herewith).


AVNET INC Exhibit
EX-99.1 2 avt-20170811ex9914a5edc.htm EX-99.1 avt_Ex99_1 Exhibit 99.1   Avnet Announces Plan for Chief Financial Officer Transition   PHOENIX – August 9,…
To view the full exhibit click here

About AVNET, INC. (NYSE:AVT)

Avnet, Inc. is a distributor of electronic components, enterprise computer, networking and storage products and software, information technology solutions and services, and embedded subsystems. The Company operates through two segments: Electronics Marketing (EM) and Technology Solutions (TS). The EM segment markets and sells semiconductors and interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets. The TS segment focuses on the distribution of enterprise computing servers and systems, software, storage, services and solutions from the technology manufacturers and software developers. It also provides hard disk drives, microprocessor, motherboard and dynamic random access memory module technologies to manufacturers of general-purpose computers and system builders. It has operations in the Americas; Europe, the Middle East and Africa (EMEA), and Asia/Pacific, consisting of Asia, Australia and New Zealand (Asia).