CENTENNIAL, Colo. — Arrow Electronics, Inc. announced that Laurel J. Krzeminski, retired executive vice president and chief financial officer of Granite Construction Incorporated, has been appointed to the company’s board of directors. The addition of Krzeminski will increase the total number of directors on the board to ten.
“I am delighted to have Laurel join our board. She brings tremendous experience as the CFO of a listed company, in-depth knowledge of accounting principles, and experience balancing excellent organic growth with acquisition-led expansion,” said Michael J. Long, chairman, president, and chief executive officer of Arrow Electronics. “As we continue to advance our strategy to be the foremost technology lifecycle solutions provider, Laurel will be a valuable addition to our board.”
From 2010 to July 2018, Krzeminski was chief financial officer of Granite Construction, one of the nation’s largest infrastructure contractors and construction materials producers. She served as Granite Construction’s vice president and corporate controller from 2008 to 2010. Prior to joining Granite Construction, Krzeminski worked for The Gillette Company from 1995 to 2007 which was merged into Proctor & Gamble (“P&G”) in 2005, where she held several corporate and operational finance positions that included serving as the finance director for the North American business units of P&G’s subsidiaries, Duracell and Braun. Krzeminski also has public accounting experience with an international accounting firm.
Krzeminski is currently a member of the board of directors of Terracon, a private company, and Limbach Holdings, Inc.
Arrow Electronics also announced the approval by the company’s Board of Directors of the repurchase of up to an additional $600 million of common stock through a share repurchase program. The company has repurchased approximately $1.1 billion worth of shares since the beginning of 2014.
“Since our last authorization two years ago, Arrow has grown tremendously. We are generating 21 percent more sales and 33 percent more profits,” said Michael J. Long, chairman, president, and chief executive officer. “Our company’s growth and the effective management of our balance sheet enabled the Board of Directors to enhance our commitment to returning excess cash to shareholders.”
This action will permit the company to continue repurchasing shares of its common stock as market and business conditions warrant. The program can be terminated at any time. The company may enter into Rule 10b5-1 plans to facilitate repurchases under the program. A Rule 10b5-1 plan would generally permit the company to repurchase shares at times when it might otherwise be prevented from doing so under certain securities laws.