<SEC-DOCUMENT>0001299933-12-002751.txt : 20121212
<SEC-HEADER>0001299933-12-002751.hdr.sgml : 20121212
<ACCEPTANCE-DATETIME>20121211210149
ACCESSION NUMBER:		0001299933-12-002751
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20121210
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20121212
DATE AS OF CHANGE:		20121211

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AVNET INC
		CENTRAL INDEX KEY:			0000008858
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-ELECTRONIC PARTS & EQUIPMENT, NEC [5065]
		IRS NUMBER:				111890605
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0701

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-04224
		FILM NUMBER:		121257653

	BUSINESS ADDRESS:	
		STREET 1:		2211 SOUTH 47TH STREET
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85034
		BUSINESS PHONE:		4806432000

	MAIL ADDRESS:	
		STREET 1:		2211 SOUTH 47TH STREET
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85034
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>htm_46642.htm
<DESCRIPTION>LIVE FILING
<TEXT>
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<TITLE> AVNET, INC. (Form: 8-K) </TITLE>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	Date of Report (Date of Earliest Event Reported):
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	&nbsp;
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	December 10, 2012
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	AVNET, INC.
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<BR>__________________________________________<BR>
	(Exact name of registrant as specified in its charter)
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	New York
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	1-4224
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	11-1890605
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_____________________<BR>
	(State or other jurisdiction
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_____________<BR>
	(Commission
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______________<BR>
	(I.R.S. Employer
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	of incorporation)
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	File Number)
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	Identification No.)
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	2211 South 47th Street, Phoenix, Arizona
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	&nbsp;
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	85034
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_________________________________<BR>
	(Address of principal executive offices)
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	&nbsp;
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___________<BR>
	(Zip Code)
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	Registrant&#146;s telephone number, including area code:
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	480-643-2000
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	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
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	&nbsp;
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:</FONT>
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<P><FONT SIZE="2">
[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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<B>
	Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
</B>
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<P ALIGN="LEFT">
<FONT SIZE="2">
On December 10, 2012, Avnet, Inc. (the "Company") announced that Kevin Moriarty has been appointed as the Company&#x2019;s Chief Financial Officer, effective January 2, 2013.  Prior to joining the Company, Mr. Moriarty held various positions with Honeywell International, Inc., including serving as Vice President and Chief Financial Officer of Honeywell Aerospace from 2009 to 2012, and as Vice President and Chief Financial Officer of Honeywell Performance Materials and Technologies from 2008 to 2009.<br><br>In connection with his appointment as Chief Financial Officer, Mr. Moriarty entered into a letter agreement with the Company providing for an annual salary of $500,000 and participation in the Company&#x2019;s cash incentive program, with an initial target incentive of $200,000 for the second half of fiscal year 2013 (January 2, 2013 &#x2013; June 29, 2013).  Mr. Moriarty will be eligible for the same benefits provided to other similarly situated employees including participation in the Company&#x2019;s long-term incentive plan.  He will receive a one-time cash signing bonus of $680,000, $400,000 of which is payable within 30 days of his start date and $280,000 of which is payable as of his one year anniversary with the Company.  Mr. Moriarty will receive 25,000 shares of restricted stock units, which vest ratably over three years beginning on January 2, 2014, and 68,000 stock options, which vest ratably over four years beginning on January 2, 2014.  He will also receive performance share units, targeted at 8,500 units, which vest upon the three-year performance cycle covering fiscal years 2013, 2014 and 2015.  The letter agreement also contains provisions dealing with termination with or without cause and for good reason.<br><br>The foregoing description of Mr. Moriarty&#x2019;s letter agreement is qualified in its entirety by reference to the agreement, which is filed as Exhibit 10.1 hereto, and is incorporated herein by reference.<br>
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	Item 9.01 Financial Statements and Exhibits.
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(d)	Exhibits.<br><br>Exhibit Number	Description<br>10.1	Letter Agreement by and between Kevin Moriarty and the Company <br>99.1	Press release dated December 10, 2012<br>
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<B>
	SIGNATURES
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	Pursuant to the requirements of the Securities Exchange Act of 1934, the
	registrant has duly caused this report to be signed on its behalf by the
	undersigned hereunto duly authorized.
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	AVNET, INC.
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	&nbsp;&nbsp;
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<I>
	December 10, 2012
</I>
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	&nbsp;
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<I>
	By:
</I>
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	&nbsp;
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<I>
	/s/ Raymond Sadowski
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	&nbsp;
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<I>
	Name: Raymond Sadowski
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	Title: Senior Vice President and Chief Financial Officer
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	Exhibit&nbsp;Index
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	Exhibit No.
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	Description
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	10.1
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	&nbsp;
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Letter Agreement by and between Kevin Moriarty and the Company
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	99.1
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	&nbsp;
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Press release dated December 10, 2012
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<DOCUMENT>
<TYPE>EX-10.1
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<FILENAME>exhibit1.htm
<DESCRIPTION>EX-10.1
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<P align="right" style="font-size: 10pt"><FONT style="font-size: 11pt">Exhibit&nbsp;10.1</FONT>



<P align="left" style="font-size: 11pt"><FONT style="font-size: 10pt"><B>November&nbsp;19, 2012</B>
</FONT>

<P align="left" style="font-size: 10pt">Dear Kevin,


<P align="left" style="font-size: 10pt">On behalf of Avnet Inc., I am pleased to offer you employment as <B>Chief Financial Officer of Avnet,
Inc. </B>In this capacity, you will report to Rick Hamada and have a <B>target start date of no later
than January&nbsp;2, 2013, </B>pending successful completion of your background check and drug screen.


<P align="left" style="font-size: 10pt">Should you accept this offer of employment, your annualized total target cash compensation will be
<B>$900,000.00 through fiscal year 2014 (June&nbsp;30, 2014)</B>. Of this amount, <B>$500,000.00 </B>is your base
salary and will be paid to you bi-weekly in the amount of <B>$19,230.76 less applicable withholdings</B>.
Your targeted incentive income of <B>$400,000.00 </B>per year (which is currently subject to a maximum
payout of 225%) will be based upon you meeting the specific performance criteria set forth in your
Incentive Plan and will be paid to you annually after final review and approval by our Compensation
Committee (during the first Board meeting immediately following our fiscal year-end close). Since
you will be joining Avnet at the start of the second half of Avnet&#146;s fiscal year 2013, your initial
target incentive will <B>be $200,000.00, and your payment will be based upon actual results to plan
for the second half of fiscal year 2013. Further, you will be eligible to participate in Avnet&#146;s
Long Term Incentive Plan (LTIP)&nbsp;starting in August of 2013 at a target level of the equivalent of
$1,000,000.00 pending annual approval by the Avnet Compensation Committee of the Board of
Directors. </B>The LTIP will be split among incentive stock, stock options, performance share plan
units or other forms of equity awards in the same manner as for other members of the Avnet senior
management team. The LTIP plan is subject to annual review and revision at the sole discretion of
the Board of Directors.


<P align="left" style="font-size: 10pt"><B>To offset the loss of certain future compensation payments from your current employer, we are
offering the following:</B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>A signing bonus of $680,000.00 less applicable withholdings, $400,000.00 to be paid
within 30&nbsp;days of your start date and $280,000.00 to be paid as part of the regular pay
period immediately after your one year service anniversary.</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>25,000 shares of AVT stock awarded upon your start date, which will vest at 33% per
year over the next 3&nbsp;years with the first payout on January&nbsp;2, 2014.</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>68,000 options to be awarded upon your start date, which will vest 25% per year over
the next 4&nbsp;years with the exercise price equal to the closing price of Avnet stock on the
date your employment commences.</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Immediate participation in the AVT Performance Share Plan (PSP)&nbsp;for the fiscal year
13-14-15 cycle with a target award of 8,500 shares.</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>Should you voluntarily terminate employment within 12&nbsp;months of your start date, you will be
required to repay a pro-rata share of the signing bonus.</B>


<P align="left" style="font-size: 10pt">Avnet offers eligible employees a comprehensive and competitive benefits package. You are eligible
to participate in Avnet&#146;s medical, dental, vision and flexible spending account benefits on your
30<sup>th</sup> day of employment. Details about these programs and your eligibility for other
Company benefits such as life insurance, pension, restoration plan, 401(k) plan and paid time off
can be found in the Benefits Resource Guide. You will immediately begin <B>accruing vacation at a rate
of 20&nbsp;days per year</B>, rather than per the schedule shown. Questions can be directed to our Benefits
department at 1-800-88AVNET, option #4, once you have begun your employment with the company.


<P align="left" style="font-size: 10pt">In accordance with the Federal Immigration Reform and control Act of 1986, we are required to have
Employment Eligibility Verification form I-9 on file. <B>On your first day of employment, you will be
asked to provide identification needed to complete the </B><B>Form I-9</B><B> requirements.</B>


<P align="left" style="font-size: 10pt">As a federal contractor, Avnet is obligated to comply with the Drug Free Workplace Act of 1988. As
a condition of employment, therefore, all applicants for employment must agree to take and must
pass a confidential test for the use of illegal drugs before beginning employment. We understand
that you have already completed your drug screen.


<P align="left" style="font-size: 10pt">We also require that you inform us of any employment agreement, non-compete agreement, or
non-disclosure agreement you may have with a current or former employer before accepting employment
with Avnet. In addition, we require that you not bring any confidential information with you from
a current or former employer.


<P align="left" style="font-size: 10pt">Avnet is an &#147;at-will&#148; employer, and the Company and each of its employees continue the employment
relationship under the policy that employment and compensation may be terminated with or without
cause or notice, at any time, at the option of either the employee or the Company. This at-will
employment relationship will remain in effect throughout your employment with the Company.
However, if the Company terminates your employment without Cause, or you terminate your employment
for Good Reason, during the first <B>12&nbsp;months </B>of your employment, the Company shall pay you
<B>$900,000.00 </B>within ten days of your termination, provided you have executed, and not revoked, a
general release of all claims in a form acceptable to the Company. For purposes of this offer
letter, &#147;Cause&#148; means your: (1)&nbsp;failure to adhere to the Company&#146;s written policies; (2)&nbsp;failure to
substantially perform your duties; or (3)&nbsp;conviction, indictment, guilty plea or procedural
equivalent to any crime that may have an adverse effect on Avnet&#146;s reputation. For purposes of
this offer letter, &#147;Good Reason&#148; means a material: (1)&nbsp;reduction of your base salary; (2)
diminishment of your authority, duties or responsibilities; or (3)&nbsp;change in the geographic
location at which you are required to perform services for the Company.


<P align="left" style="font-size: 10pt">The above information represents the entire substance of Avnet&#146;s offer of employment to you and is
<U>contingent upon successful completion of all pre-employment checks</U>.


<P align="left" style="font-size: 10pt">If all the above terms and conditions meet with your approval, please sign this letter and <B>return
to me by November&nbsp;30, 2012, </B>either by fax at <B>(480)&nbsp;308-1698 </B>or scan/e-mail to
<B>maryann.miller@avnet.com</B>. If these documents are not returned by this date, we reserve the right
to withdraw this offer of employment.


<P align="left" style="font-size: 10pt">Within 24 business hours of acceptance of our offer, you will receive login information to Avnet&#146;s
new hire iAccept software/portal. <U>Please be sure and login to complete your new hire
paperwork</U>.


<P align="left" style="font-size: 10pt">We look forward to having you join the Avnet team. If you should have any questions before your
starting date, please feel free to call me at <B>(480)&nbsp;643-8501</B>.


<P align="left" style="font-size: 10pt">Sincerely,
</FONT><BR>
<FONT style="font-size: 12pt"><img src="e37452-12346205931616cf49_1.jpg">
</FONT><BR>
<FONT style="font-size: 10pt">MaryAnn G. Miller
<BR>
Senior Vice President and Chief HR Officer
</FONT>

<P align="center" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>Acceptance</B></FONT>



<P align="left" style="font-size: 12pt"><FONT style="font-size: 10pt"><U><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></U> <U><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></U>
</FONT>

<P align="left" style="font-size: 10pt; text-indent: 2%"><B>Printed Name&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date</B>


<P align="left" style="font-size: 10pt"><U><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></U>


<P align="left" style="font-size: 10pt; text-indent: 2%"><B>Signature</B>



<P align="center" style="font-size: 10pt; display: none">




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<P align="right" style="font-size: 10pt"><FONT style="font-size: 12pt">Exhibit&nbsp;99.1</FONT>



<P align="left" style="font-size: 12pt"><img src="e37452-1234621028679eae02_1.jpg">


<P align="left" style="font-size: 12pt"><FONT style="font-size: 14pt"><B>Avnet Names Kevin Moriarty Chief Financial Officer</B>
</FONT>

<P align="left" style="font-size: 14pt"><FONT style="font-size: 12pt"><I>Succeeds Ray Sadowski Effective January&nbsp;2, 2013</I>
</FONT>

<P align="left" style="font-size: 12pt"><B>PHOENIX &#150; December&nbsp;10, 2012 &#150; </B><U>Avnet, Inc.</U> (NYSE:<U>AVT</U>), a leading global technology
distributor, today announced that it has named Kevin Moriarty as Avnet Chief Financial Officer
(CFO), effective January&nbsp;2, 2013. As announced in April, Avnet&#146;s current Chief Financial Officer
Ray Sadowski will be retiring from his position after 20&nbsp;years as CFO. Moriarty was selected to
succeed Sadowski based on a strong blend of operational experience plus broad financial and
accounting expertise. He comes to Avnet from Honeywell International, Inc. where he was CFO for the
company&#146;s $12&nbsp;billion global aerospace business. To help ensure a smooth and seamless transition,
Sadowski, who joined Avnet in 1978, will continue with the company in a senior advisory role.


<P align="left" style="font-size: 12pt">&#147;Kevin brings the broad base of global and financial experience plus the skills that we were
looking for in a finance leader,&#148; said Avnet Chief Executive Officer Rick Hamada. &#147;With his strong
track record of success while building high performance teams, I am confident he is an excellent
choice for Avnet as we continue to grow and enhance our financial performance. Kevin is a great
addition to our senior executive team.&#148;


<P align="left" style="font-size: 12pt">Moriarty&#146;s experience includes leading a global team of more than 1,000 finance professionals,
supporting 95 sites around the world. He was heavily involved in several large Honeywell
acquisitions and divestitures and also worked with Honeywell&#146;s Investor Relations team in engaging
with the external investment community. He has been with Honeywell for 10&nbsp;years in a series of
progressively responsible positions, joining them in 2002 as controller for the Automation and
Control Solutions Division and led their internal audit team following his promotion in 2004 to
vice president of Finance overseeing Corporate Audit.


<P align="left" style="font-size: 12pt">Prior to joining Honeywell, Moriarty was with Bristol-Myers Squibb and also spent more than 12
years in public accounting with PricewaterhouseCoopers, where he was an audit partner. He is a
Certified Public Accountant and holds a Bachelor&#146;s of Science degree in Accounting from Rutgers.


<P align="left" style="font-size: 12pt">Hamada added, &#147;Ray has made significant contributions to our success over the years, leading and
guiding our finance team globally and providing valuable counsel to our business leaders. We
appreciate and value his proactive willingness to assist us through this critical succession. He is
an inspirational leader and we are glad to have him as a key member of our leadership team.&#148;


<P align="left" style="font-size: 12pt"><B>About Avnet</B>
<BR>
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&#146; success by connecting the world&#146;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&nbsp;30, 2012, Avnet generated revenue of $25.7&nbsp;billion. For more information, visit
<U>www.avnet.com</U>. (AVT&#151;IR)


<P align="left" style="font-size: 12pt">Visit Avnet&#146;s Investor Relations website at <U>www.ir.avnet.com</U> or contact us at
<U>investorrelations@avnet.com</U>.


<P align="left" style="font-size: 12pt"><B>Contacts</B>


<P align="left" style="font-size: 12pt">Avnet, Inc.


<P align="left" style="font-size: 12pt">Vince Keenan
<BR>
VP, Investor Relations
<BR>
480-643-7053
<BR>
<U>investorrelations@avnet.com</U>


<P align="left" style="font-size: 12pt">Michelle Gorel
<BR>
VP, PR & Corporate Communications
<BR>
480-643-7653
<BR>
<U>michelle.gorel@avnet.com</U>



<P align="center" style="font-size: 10pt; display: none">




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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
