UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) July 11, 2022
AVNET, INC.
(Exact name of registrant as specified in its charter)
New York | 1-4224 | 11-1890605 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
2211 South 47th Street, Phoenix, Arizona | 85034 | |
(Address of principal executive offices) | (Zip Code) |
(480) 643-2000
(Registrant’s telephone number, including area code.)
N/A
(Former name or former address, if changed since last report.)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
Title of each class | Trading | Name of each exchange on which registered: | ||
Common stock, par value $1.00 per share | AVT | NASDAQ Global Select Market |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On July 11, 2022, Avnet announced transition plans for its Chief Financial Officer (CFO) position. Thomas Liguori, who has served as CFO since January 2018, will transition from the CFO role on September 6, 2022. Mr. Liguori will be available to serve as a senior advisor through the end of March 2023, and his retirement from Avnet will be handled consistent with his Letter Agreement dated December 25, 2017.
Kenneth Jacobson will become Avnet’s new CFO on September 6, 2022, consistent with Avnet’s succession planning. Mr. Jacobson has held senior finance roles at Avnet since August 2013, including serving as Avnet’s Controller since December 2016 and as interim CFO for six months beginning in August 2017.
Mr. Jacobson will receive a salary and will continue to participate in the Company’s cash incentive, equity incentive and other benefits plans in amounts commensurate with his new position to be approved by Avnet’s Board of Directors.
There is no arrangement between Mr. Jacobson and any person, pursuant to which he was selected as Avnet’s Chief Financial Officer. Mr. Jacobson has no direct or indirect material interest in any existing or currently proposed transaction that would require disclosure under Item 404(a) of Regulation S-K.
Avnet issued a press release announcing its CFO transition plans (included as Exhibit 99.1).
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
Exhibit No. | Description | |
99.1 | Press Release dated July 11, 2022 (filed herewith). | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: July 11, 2022 | AVNET, INC. | |||||
By: | /s/ Philip R. Gallagher | |||||
Philip R. Gallagher | ||||||
Chief Executive Officer |