Avnet looks to Schumann to succeed

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William Schumann III to serve as the non-executive chairman for the company

Avnet has announced that it is strongly considering current board member William Schumann III to serve as the non-executive chairman for the company.

Mr Schumann would succeed Roy Vallee, who told the company he would retire from the company and not stand for re-election.

However, Avnet has said Mr Schumann’s appointment will depend on its shareholders’ votes. They must re-elect the potential candidate at the company’s annual meeting in November.

Schumann, Executive Vice President of FMC Technologies, joined Avnet’s board in February 2010.

If he is voted in at the annual meeting he will become the company’s first independent chairman.

Schumann joined FMC Corporation in 1981 and held a variety of financial and operational leadership positions with that organisation including Senior Vice President and Chief Financial Officer prior to the creation of FMC Technologies in 2001.

He served as FMC Technologies’ Chief Financial Officer from 2001 until his retirement from that position in November 2011.

In a statement he said: “Since joining the Avnet Board of Directors I’ve been impressed with the calibre of Avnet’s leadership and its thoughtful approach to profitable growth and expansion.

“Roy Vallee set the bar high and inspired great performance. I’m honoured and excited with the opportunity to serve as the next chairman of Avnet’s Board of Directors.”

Mr Vallee has served at Avnet for 35 years, where he was chairman for 14 of them and CEO for 13 of them.

He described his time at the company as an “honour and a privilege.”

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