January 4, 2010 -- MELVILLE, NEW YORK -- Arrow Electronics, Inc., (NYSE: ARW) announced that Michael J. Long, president and chief executive officer, will be named chairman of the board, effective December 31, 2009, upon the previously announced retirement of William E. Mitchell.
"I look forward to the opportunities ahead for Arrow and our more than 12,000 employees around the world," said Mr. Long. "Arrow is a great company and I am honored by this role and proud to be leading such a great organization."
Long added, "On behalf of the entire Arrow team I would like to thank Bill Mitchell for his leadership and many contributions."
Long was previously named Arrow's president and chief executive officer in May 2009.
Separately, Arrow Electronics announced the successful completion of its acquisition of A.E. Petsche Company, a provider of interconnect products, including specialty wire, cable and harness management solutions, to the aerospace and defense markets.
A.E. Petsche, which is headquartered in Arlington, Texas, and has approximately 250 employees, distributes products in the United States, Canada, Mexico, the United Kingdom, France and Belgium through 20 locations. A.E. Petsche's sales in 2010 are expected to exceed $200 million and be accretive to Arrow's earnings by $.10 to $.12 per share.
