Avnet Names Interim CEO, Lowers Fourth-quarter Outlook

Avnet Inc. said Monday it has named William Amelio as interim chief executive, replacing Rick Hamada, who is stepping down. Amelio was CEO of CHC Group Ltd, an international oil fields services company from 2016 to 2015, and also worked stints at Lenovo and Dell Inc. The electric components and storage systems company also said it's revising guidance for its fiscal fourth quarter, and now expects per-share earnings of 80 cents to 86 cents, down from prior guidance of 95 cents to $1.05. "This shortfall was impacted primarily by an ERP implementation in the Americas region of the Electronics Marketing operating group," the company said in a statement. Sales are expected to be about $100 million less than previously forecast and to range from $6.15 billion to $6.25 billion. Shares were not yet active in premarket trade, but are down 3.5% in the year so far, while the S&P 500 has gained 4.2%.