Avnet Names Ernest Maddock to Its Board of Directors

Rhea-AI Summary

Avnet (NASDAQ: AVT) has appointed Ernest Maddock to its board of directors, effective immediately. Maddock will contribute his extensive technology and financial expertise, having previously served as the CFO at Micron Technology, Riverbed Technology, and LAM Research. His appointment aims to enhance corporate governance as Avnet enters its Centennial year. Maddock also serves on the board of Ultra Clean Holdings, focusing on semiconductor systems. With an MBA from Georgia State University, his leadership is anticipated to offer valuable insights for Avnet's global business growth.

Positive

• Ernest Maddock brings extensive financial and technology industry experience to the board.
• His previous roles at Micron Technology and Riverbed Technology position him well for guiding Avnet.
• This appointment strengthens corporate governance as Avnet approaches its Centennial year.

Negative

• None.

PHOENIX--(BUSINESS WIRE)-- Avnet (NASDAQ: AVT) has appointed industry leader Ernest Maddock to the company's board of directors, effective immediately. Mr. Maddock will serve on the board’s Audit and Finance Committees.

Ernest Maddock joins Avnet's Board of Directors (Photo: Business Wire)

Mr. Maddock brings extensive technology industry knowledge and financial experience. He retired from Micron Technology in 2018, having held the position of Chief Financial Officer and advisor. He previously served as CFO at Riverbed Technology (2013-2015) and LAM Research Corporation (2008-2013). In addition, he held various financial and accounting positions throughout his 40-plus year career, including with NCR Corp. and Lockheed Martin.

“Ernie brings expertise from a long-established financial career in the technology industry, and is a welcome addition to our board as we continue strengthening our corporate governance,” said Rodney C. Adkins, chairman of the board of Avnet. "We look forward to his added guidance as Avnet further grows our global business in our Centennial year and beyond.”

Mr. Maddock serves on the board of Ultra Clean Holdings, Inc., a developer and supplier of critical subsystems for the semiconductor capital equipment industry focusing on gas delivery systems.

He holds an MBA from Georgia State University and a bachelor’s in industrial management from the Georgia Institute of Technology.

About Avnet

As a leading global technology distributor and solutions provider, Avnet has served customers’ evolving needs for an entire century. We support customers at each stage of a product’s lifecycle, from idea to design and from prototype to production. Our unique position at the center of the technology value chain enables us to accelerate the design and supply stages of product development so customers can realize revenue faster. Decade after decade, Avnet helps its customers and suppliers around the world realize the transformative possibilities of technology. Learn more about Avnet at www.avnet.com. (AVT_IR)

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View source version on businesswire.com: https://www.businesswire.com/news/home/20210825005681/en/

Avnet Media Contacts

Jeanne Forbis

Avnet

Jeanne.forbis@avnet.com

480-649-7499

Lauren Levinson

Brodeur Partners for Avnet

llevinson@brodeur.com

202-899-4639

Investor Relations Contacts

Joe Burke, 480-643-7431

Joseph.Burke@avnet.com

Source: Avnet

FAQ

Who is Ernest Maddock and what is his background with Avnet?

Ernest Maddock is a newly appointed board member of Avnet, bringing over 40 years of financial and technology experience, including CFO roles at Micron Technology and Riverbed Technology.

What committees will Ernest Maddock serve on at Avnet?

Ernest Maddock will serve on Avnet's Audit and Finance Committees.

What impact could Ernest Maddock's appointment have on Avnet's stock performance?

Maddock's extensive experience in finance and technology may enhance Avnet's corporate governance and strategic direction, potentially benefiting stock performance.

When did Ernest Maddock join the board of directors at Avnet?

Ernest Maddock joined Avnet's board of directors effective immediately as of the recent press release date.