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WEST PALM BEACH, Fla. - Dycom Industries, Inc. (NYSE:DY) announced Tuesday the appointment of Phillip R. Gallagher to its board of directors, effective immediately.
Gallagher currently serves as Chief Executive Officer of Avnet, Inc. (NASDAQ:AVT), a Fortune 500 global technology distributor and solutions provider across multiple industries including industrials, telecommunications, aerospace, defense and automotive.
Richard Sykes, Dycom’s Independent Chairman of the Board, said Gallagher’s "industry expertise, customer focus and operational experience will bring significant insights and strategic guidance" to the company.
Gallagher was named CEO and director of Avnet in November 2020 after serving as interim CEO since July 2020. He previously held the position of President, Electronic Components, starting in August 2018. His career with Avnet began in 1982, where he has held various executive leadership positions in sales, marketing, and operations.
Between 2014 and 2017, Gallagher worked at TTI as President, Americas Sales and Marketing, before rejoining Avnet in May 2017. He holds a B.B.A. from Drexel University.
Dycom Industries provides specialty contracting services to the telecommunications infrastructure and utility industries throughout the United States, including program management, engineering, construction, maintenance, and underground facility locating services.
The announcement was made in a company press release.
In other recent news, Avnet Inc. reported its fourth-quarter 2025 earnings, surpassing analyst expectations with an earnings per share (EPS) of $0.81, compared to the forecasted $0.74. The company also reported revenue of $5.6 billion, exceeding the expected $5.36 billion. Additionally, Avnet announced the pricing of $550 million in convertible senior notes due 2030, which is an increase from the initially planned $500 million. The notes will bear interest at 1.75% per year, with an option for initial purchasers to buy an additional $100 million in notes.
Despite strong revenue figures, Fitch Ratings revised Avnet’s outlook to negative from stable due to concerns about high leverage, with EBITDA leverage reaching 3.7x as of June 28, 2025. BofA Securities raised its price target on Avnet to $50.00 from $48.00, maintaining an Underperform rating, citing strong revenue performance. The company’s gross margin was reported at 10.6%, slightly below BofA’s estimate of 11.0%, attributed to a higher mix of lower-margin Asia sales. These developments highlight Avnet’s recent financial activities and analyst assessments.
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