Electronic components distributor

Arrow Electronics

(ARW) - Get Report

said after the close on Monday that its President and Chief Executive Office Francis Scricco has resigned by mutual agreement with the company's board.

Scricco, who managed the company through a difficult period in the tech sector, will be replaced by Arrow's Chairman Stephen Kaufman on an interim basis until Sept. 15, at which time he will resign from the company as well. Kaufman will be replaced as chairman by Daniel Duval, an outside director since 1997.

Arrow said it has hired a senior executive search company to locate a permanent successor to Scricco, but the company said Duval will assume the interim CEO position if one hasn't been found by September.

In a press release, Arrow said, "Fran Scricco managed Arrow through a very difficult period and successfully reduced the company's expense structure in response to the most dramatic recessionary cycle in our industry's history. We appreciate his contributions and wish him well in his future endeavors."

The company said it plans no changes to its strategic initiatives.

Shares of Arrow were falling about 10% in premarket trading on the news to $21.10 after closing Monday at $23.55.