Phoenix-based technology giant Avnet Inc. has named Phil Gallagher as its CEO after he served in the interim role for nearly four months.
The company’s board of directors named the 37-year Avnet veteran as its chief executive effectively immediately, the global technology components distributor announced Monday. Gallagher replaced CEO Bill Amelio who stepped down in August after holding the position since 2016.
Gallagher will be paid an annual base salary of $1 million, an annual cash incentive award of up to 1.5 times his base salary and long-term equity incentive awards with a total value of 3.5 times his annual base salary, according to a regulatory filing.
Additionally, on Monday Avnet expanded its board to 11 directors and elected Gallagher as a director of the company.