Smith & Associates Names Doug Kelly Chief Executive Officer

June 23, 2004
Smith & Associates Names Doug Kelly Chief Executive Officer

Houston, Texas - Smith & Associates, the leading global semiconductor services company, has announced the appointment of Doug Kelly as chief executive officer. Kelly most recently served as Smith’s senior vice president of corporate development.

Robert and Leland Ackerley, co-founders and principal shareholders, will continue to be actively involved in the management and direction of Smith.

Over the past 20 years, the Ackerleys have grown Smith & Associates into a $500 million per year business with more than 300 employees in nine offices throughout North America, Asia, and Europe. With the promotion of Kelly, the Ackerleys will shift their focus to business growth initiatives, trader and trading resource development, and to office network expansion. Kelly will focus on the day-to-day aspects of the business, leading all trading and administrative functions.

"As we have expanded the number of locations and increased our sales to $500 million, the time it takes to run a 24-7 business on three continents has limited our ability to focus solely on growth," said Lee Ackerley, co-founder and director of Smith and Associates. "With Doug in place as CEO, Bob and I will be able to spend our time exclusively on making Smith stronger and reaching our goal of $1 billion in annual sales."

Bob Ackerley, co-founder and director of Smith and Associates, added, "We have built a great team at Smith over the past 20 years. We have the people in place and the network around the world to meet the ever-changing component supply needs of the world’s leading electronic manufacturers. Doug has worked closely with us for the past nine years. He understands our business, our people, and how we set the standard for the industry."

Kelly joined Smith as chief financial officer in 1995 and has been senior vice president of corporate development since 2003. Before joining Smith, he was senior vice president of finance and a director at Transamerica Fund Management, a mutual fund management firm. He began his career with Ernst & Young LLC., an international accounting firm. Kelly earned his Bachelor of Business Administration degree from Baylor University in 1981.

About Smith & Associates
Founded in 1984, Smith & Associates (www.smithweb.com) is the No. 1-ranked independent distributor of semiconductors and electronic components to manufacturers and resellers of high-technology and computer equipment (source: EBN). Smith is a leader in just-in-time replenishment and has the ability to deliver large quantities of components anywhere in the world with very short lead times. Smith's ISO 9001:2000-certified worldwide headquarters and information hub in Houston is supported by sales, logistics, and warehousing hubs in Amsterdam, Hong Kong, and Silicon Valley, in addition to sales and purchasing offices in Barcelona, Guadalajara, New York, Shanghai, and Seoul. For more information or to reach a Smith representative 24 hours a day, please call SmithDirect at 1.800.HOUSTON or +1.713.430.3000.

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