Business Context and Reporting Period
This Form 8-K Current Report was filed by AVNET, INC. on July 11, 2022. The filing addresses a significant executive leadership transition within the company's finance department.
Key Financial Metrics
This filing does not contain financial performance data. There are no disclosures regarding revenue, profit, cash flow, margins, debt, or liquidity in this document.
Material Changes
The primary material change reported is the departure of the Chief Financial Officer (CFO) and the appointment of a successor:
- Departure: Thomas Liguori, CFO since January 2018, will transition out of the role on September 6, 2022.
- Succession: Kenneth Jacobson will assume the role of CFO on September 6, 2022.
- Transition Plan: Mr. Liguori will serve as a senior advisor through March 2023. His retirement will be handled per his December 25, 2017, Letter Agreement.
- Background: Mr. Jacobson has held senior finance roles at Avnet since August 2013, including Controller since December 2016 and interim CFO for six months starting in August 2017.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or discussion of market risks. Regarding the executive transition:
- Compensation: Mr. Jacobson will receive a salary and participate in cash and equity incentive plans commensurate with his new position, subject to Board approval.
- Conflicts of Interest: The filing states there is no arrangement regarding Mr. Jacobson's selection and he holds no material interest in any existing or proposed transaction requiring disclosure.
Investor Verification Checklist
- Verify the effective date of the CFO transition (September 6, 2022).
- Review the terms of Thomas Liguori's retirement agreement dated December 25, 2017.
- Confirm the final compensation package for Kenneth Jacobson once approved by the Board of Directors.
- Check for any subsequent filings regarding the status of the senior advisor role for Mr. Liguori.