Wishbone Management Announces Intent to Vote Against Avnet Directors Over Debt Issuance
Wishbone Management, LP has issued an open letter to shareholders of Avnet, Inc. (AVT) announcing its intention to vote against the re-election of Board Chairman Rodney Adkins and Independent Director Ernest Maddock at the 2026 annual meeting. The investment fund, which holds 400,000 shares, expressed significant dissatisfaction with recent capital allocation decisions. The primary grievance stems from Avnet's decision to issue $550 million in convertible debt. Wishbone argues this move could lead to the issuance of nearly 8 million shares at a 20% discount to current prices, occurring just as the analog industry enters a robust cyclical recovery. The fund is calling for greater representation of non-management shareholders and directors with investing backgrounds on the Board.