Arrow Electronics Announces Resignation of President and CEO Fran Scricco.

Business & Technology Editors

MELVILLE, N.Y.--(BUSINESS WIRE)--June 10, 2002

Arrow Electronics, Inc. (NYSE:ARW)

Stephen Kaufman Will Serve As Interim President and CEO;

Long-time Outside Director Daniel Duval Named Chairman

Christian & Timbers Assisting Board In Search

Arrow Electronics, Inc. (NYSE:ARW) today announced that Francis M. Scricco has resigned as President and Chief Executive Officer by mutual agreement with the Board of Directors.

Stephen P. Kaufman, Arrow's Chairman for the past eight years, will assume the position of President and CEO on an interim basis until September 15, 2002, at which time he will retire from the company and return to his position as a Senior Lecturer at the Harvard Business School. Daniel W. Duval, an outside director since 1987, will succeed Mr. Kaufman as Chairman, effective immediately.

Arrow has retained Christian & Timbers, specialists in senior executive searches within the technology sector, to assist the Board in its search for a new CEO, which the company hopes to complete by September 15, 2002. If the position is not filled by that time, Mr. Duval will assume the CEO role on an interim basis until the search is completed.

Dan Duval 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 plans no changes in its strategic initiatives as it recruits a successor. The company has outstanding operating management in place and a strong balance sheet -- having generated nearly $1.8 billion of cash over the past four quarters -- so we fully expect to benefit in the industry's next up-cycle. This is an exciting and dynamic industry with enormous growth potential; we will continue to invest in our current initiatives and pursue new opportunities."

Fran Scricco said, "I am gratified by the progress we've made during the most challenging market cycle in our history. I am confident that the strategic initiatives which have been undertaken during my leadership and which will be implemented going forward will have an enduring impact on Arrow's future results. Arrow is well positioned to capitalize on the industry's expected recovery. Having accomplished that, I am looking forward in the immediate future to spending more time with my family."

Steve Kaufman said, "I have been able to rearrange my schedule to assist the company as interim President and CEO during this transition before returning to my academic commitments in the fall, and I look forward to working with Dan Duval as Chairman. Through his breadth of experience as an accomplished CEO and as a seasoned sales and marketing executive, together with his long-standing knowledge of our business, Dan is ideally suited for his new role."

Before his retirement in 1999, Mr. Duval served as President, Chief Executive Officer and a director of Robbins & Myers, a manufacturer of fluids management systems, from 1986 through 1998. He began his career at National Castings Company, which subsequently was acquired by Midland-Ross Corporation. Mr. Duval served in a number of increasingly senior managerial positions at the company, ultimately serving as President and Chief Operating Officer until Midland-Ross was sold in 1986.

Since January 2001, Mr. Kaufman has been a Senior Lecturer at the Harvard Business School. He has been Chairman of Arrow since 1994 and held the position of Chief Executive Officer from 1986 until 2000. He joined Arrow in 1982 as President of the Electronics Distribution Division and in 1985 was appointed President and Chief Operating Officer.

Arrow Electronics is one of the world's largest distributors of electronic components and computer products and a leading provider of services to the electronics industry. Headquartered in Melville, New York, Arrow serves as a supply channel partner for more than 600 suppliers and 175,000 original equipment manufacturers, contract manufacturers, and commercial customers through more than 200 sales facilities and 23 distribution centers in 40 countries. Detailed information about Arrow's operations can be found at www.arrow.com.