PHOENIX--(BUSINESS WIRE)--Avnet, Inc. (NYSE: AVT), a leading global technology distributor, today announced that Avnet Chief Financial Officer Ray Sadowski was selected as CFO of the Year by the Arizona Chapter of Financial Executives International (FEI), an association representing more than 15,000 senior finance professionals, providing peer networking opportunities, emerging issues alerts, personal and professional development, and advocacy services. The awards are determined by an independent panel of distinguished judges and are designed to recognize financial managers who have contributed to the success of their organizations.
“Ray has made significant contributions to our success over the years,” said Avnet CEO Rick Hamada. “This recognition of his vision and leadership is very well deserved and reflects his ongoing dedication and consistent professionalism. I’m proud and glad he's a part of our team.”
Sadowski was selected because of his role in the acquisitions of more than 65 companies, all of which have contributed to Avnet’s attaining a global leadership role in the electronic components and computer products industries. In addition, Sadowski and Roy Vallee, retired Avnet CEO, introduced a value-based management initiative in 2001 that focused on delivering a minimum 12.5 percent return on capital employed and economic profit growth. The initiative laid the foundation for Avnet’s ongoing financial performance, including strong cash flow and market capitalization. Today, Avnet’s financial strength, solid balance sheet and market leadership give customers and suppliers complete confidence in Avnet’s ability to invest in long-term, shared growth opportunities.
Avnet, Inc. (NYSE: AVT), a Fortune 500 company, is one of the largest distributors of electronic components, computer products and embedded technology serving customers globally. Avnet accelerates its partners' success by connecting the world's leading technology suppliers with a broad base of customers by providing cost-effective, value-added services and solutions. For the fiscal year ended June 30, 2012, Avnet generated revenue of $25.7 billion. For more information, visit www.avnet.com.