Arrow Electronics Inc. (NYSE:ARW) saw its stock dip 3.2% in premarket trading Wednesday following an unexpected leadership shake-up.
The company announced that board member William (“Bill”) F. Austen has been appointed Interim President and CEO, effective immediately. Austen takes over from Sean Kerins, who has stepped down from his roles as Director, President, and CEO.
Arrow Electronics did not disclose specific reasons for Kerins’ departure, noting only that it was “unrelated to Arrow’s financial statements.” The company added that Kerins will assist with the transition.
“We have full confidence in the ability of the current leadership team, with Bill Austen’s support, to lead Arrow during this period of transition,” said Independent Board Chair Steven Gunby.
Austen has been a director since May 2020 and previously served as President and CEO of Bemis Company, Inc. for six years, stepping down in June 2019. While serving as interim CEO, he has resigned from his roles as Chair of the Board’s corporate governance committee and as a member of the compensation committee.
The board has launched a search for a permanent President and CEO. Arrow Electronics provides products, services, and solutions to industrial and commercial users of electronic components, as well as enterprise computing solutions worldwide.
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