Arrow Electronics has named board member Bill Austen as interim president and chief executive officer, effective immediately, following the sudden departure of CEO and director Sean Kerins.
Kerins’ exit took effect Thursday. The company said his separation is not related to its financial statements. In 2024, Kerins received total compensation of $8.22 million, including a base salary of $1 million, according to Arrow’s 2024 proxy filing with the U.S. Securities and Exchange Commission.
Arrow said its board has launched a search for a permanent chief executive.
Under the terms of his departure, Kerins will receive benefits provided under Arrow’s supplemental executive retirement plan and SERP Health Plan, which apply to a separation from service following his normal retirement date.
According to a Separation and Release of Claims Agreement dated Sept. 16, 2025, all Kerins’ vested and outstanding non-qualified stock options will remain exercisable until the earlier of their original 10-year term or 24 months from the effective date. He will not receive severance payments, and all unvested equity and cash incentive awards were forfeited as of the effective date.
Kerins has agreed to assist with transition efforts for at least six months at a monthly rate of $61,000. The agreement includes standard provisions on the release of claims, confidentiality, non-disclosure, non-competition, non-solicitation, and cooperation.
Austen, who has served on Arrow’s board since 2020, will remain a director but has stepped down as chair of the corporate governance committee and as a member of the compensation committee.
Independent board chair Steven Gunby said the board is confident in the company’s leadership team during the transition.
“We have full confidence in the ability of the current leadership team, with Bill Austen’s support, to lead Arrow during this period of transition, and appreciate Bill’s willingness to step into this role,” Gunby said in a statement.
Austen previously led Bemis Company, a global manufacturer of flexible packaging and pressure-sensitive materials, as president and CEO from 2014 to 2019, after serving as its chief operating officer. He has also served on the boards of Tennant Company and Arconic Corporation.
Arrow Electronics, based in Centennial, Colorado, is a global technology distributor with 2024 sales of $28 billion.
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