Arrow Electronics, Inc 8-K, filed Dec 28, 2020
Arrow Electronics, Inc. (ARW)
About this 8-K
Arrow Electronics, Inc filed this 8-K on December 28, 2020.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On December 28, 2020, Arrow Electronics, Inc., (the “Company”), issued a press release stating that Sean J. Kerins has been named chief operating officer of the Company and Kristin D. Russell has been named president of the global enterprise computing solutions business.
A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference into this Item 5.02.
Mr. Kerins, age 58, had served as the president of Arrow Global Enterprise Computing Solutions for more than five years. Mr. Kerins has no family relationship with any director or executive officer of the Company. Mr. Kerins does not have any direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
In connection with Mr. Kerins’ appointment as chief operating officer, Andy King will retire, effective December 31, 2020, from the position of president, global components. In order to best protect the Company’s competitive market interests following Mr. King’s departure, the Company has negotiated enhanced restrictive covenants in consideration for providing to Mr. King payments and benefits as set forth in the Company’s executive severance policy on file with the SEC in the event of termination without cause, as well as the December 2019 accrued value of his pension benefits payable in September 2023 and September 2024 conditioned upon his strict abidance by all such enhanced restrictive covenants through the date of such future payments.
| Item 9.01 | Financial Statements and Exhibits |
(d) EXHIBITS
| 99.1 | Press release dated December 28, 2020. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
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.
| ARROW ELECTRONICS, INC. | ||||
| Date: | December 28, 2020 | By: | /s/ Carine Jean-Claude | |
| Name: | Carine Jean-Claude | |||
| Title: | Vice President and Interim Chief Legal Officer | |||
Exhibit 99.1
| ARROW ELECTRONICS, INC. 9201 E. DRY CREEK ROAD CENTENNIAL, CO 80112 303-824-4000 |
 |
ARROW ELECTRONICS Names Sean J. Kerins chief operating officer
-- Kristin D. Russell Named President, Global Enterprise Computing Solutions --
FOR IMMEDIATE RELEASE
CENTENNIAL, Colo. – Dec. 28, 2020 -- Arrow Electronics, Inc. (NYSE:ARW) announced that Sean J. Kerins has been named the company’s chief operating officer. He will continue to report to Michael J. Long, chairman, president, and chief executive officer.
Previously, Mr. Kerins served as president of Arrow’s global enterprise computing solutions business since 2014. Prior to that, he was president of the North American region for the enterprise computing solutions business since 2010 and was vice president of storage and networking since 2007. Prior to joining Arrow, Mr. Kerins spent ten years at EMC in sales, marketing, and professional services roles around the world. Earlier in his career, he held progressively senior roles at Coopers & Lybrand Consulting, and served as an industrial engineer with General Motors.
Mr. Kerins holds a bachelor’s degree in engineering from Syracuse University and a Master of Business Administration degree from Northwestern University’s Kellogg School of Management.
“Sean’s leadership and proven track record at Arrow make him the ideal executive to advance innovation across our global sales, marketing, and operations,” said Mr. Long. “Our commitment to succession planning provides continuity and certainty to our customers and suppliers.”
Kristin D. Russell succeeds Mr. Kerins as president of global enterprise computing solutions. Ms. Russell previously served as president of Arrow’s global services business since 2016. Prior to joining Arrow, Ms. Russell spent two years as managing director for public and private sectors at Deloitte Consulting and, from 2011 to 2014, served as secretary of technology and chief information officer for the State of Colorado. Earlier in her career, she held progressively senior roles at Oracle and Sun Microsystems.
Ms. Russell holds a bachelor’s degree in international affairs from the University of Colorado.
“Kristin’s leadership and extensive industry experience will serve the company well as she succeeds Sean in leading our global enterprise computing solutions business,” Mr. Long said.
Ms. Russell and David A. West, president, global components, will report to Mr. Kerins.
Arrow Electronics guides innovation forward for over 175,000 leading technology manufacturers and service providers. With 2019 sales of $29 billion, Arrow develops technology solutions that improve business and daily life. Learn more at fiveyearsout.com.
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| Contact: | Steven O’Brien |
| Vice President, Investor Relations | |
| 303-824-4544 | |
| Media Contact: | John Hourigan |
| Vice President, Global Communications | |
| 303-824-4586 |
