Avnet CEO Bill Amelio Leaves; Phil Gallagher Takes Over On Interim Basis

Gallagher has been involved with Avnet since 1997 except for a 13-month period when he was a top executive at TTI, another electronics distributor. Meanwhile, Avnet released preliminary fourth fiscal quarter 2020 financial results.

Global electronic components distributor Avnet on Monday said Phil Gallagher will take over as interim CEO as William “Bill” Amelio steps down as CEO and a member of the company‘s board of directors.

Gallagher (pictured above) has been serving as global president of Phoenix-based Avnet’s electronic components business since April of 2017. Prior to that time, he was the corporate officer and senior vice president and president of Americas sales and marketing at TTI, a Fort Worth, Texas-based specialist electronic component distributor.

This is not Gallagher‘s first time at Avnet. From 1997 to 2015, he served in various roles in different parts of the distributor, ending up heading Avnet Technology Solutions between 2009 and 2015.

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Avnet did not respond to a CRN request for further information by press time.

However, Avnet Chairman Rodney Adkins, in a prepared statement, said that Gallagher has developed an incredible reputation within Avnet and with its 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,” Adkins said in that statement.

Bill Amelio joined Avnet as CEO in July of 2016. Prior to that, he was Lenovo‘s CEO from late 2005 to early 2009.

No reason was given for the departure of Amelio. However, Adkins in his prepared statement praised Amelio as a great asset during his time on the company‘s board of directors and as the company’s 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,” Adkins said in that statement.

Amelio oversaw the $908.4-million acquisition of Leeds, U.K.-based electronics distributor Premier Farnell in 2016, followed two months later by the $2.6-billion sale of Avnet Technology Services to rival Tech Data.

Avnet on Monday also released some preliminary fourth fiscal quarter 2020 financials. The company said it expects to announce revenue for the quarter of $4.2 billion, GAAP diluted earnings per share from continuing operations of 53 cents, and non-GAAP adjusted diluted earnings per share of 64 cents. This compares to the company‘s fourth fiscal quarter 2019 when it announced revenue of $4.7 billion, GAAP diluted loss per share from continuing operations of 33 cents, and non-GAAP adjusted diluted loss per share of 95 cents.

The company is slated to unveil complete results for the quarter on Thursday, August 6.