"I've told that story 1,000 times over the years," laughed Thompson recently, when asked to tell it for the 1,001st time. "It's been fun watching his career. Two things you can't teach people are to be smart and honest. He's both of those things."

An hour before his induction into the CRN Industry Hall of Fame at the Mandalay Bay hotel in Las Vegas May 22, Vallee smiled when he recalled the meeting. "After that, I got called into a meeting with Leon. I thought he might promote me within the components business. After an hour, he said, 'How'd you like to run the computer business?' It was a huge shock to me. It was like three levels of promotion," Vallee said. "My knee-jerk reaction was the business was struggling, have you thought of hiring someone from the computer industry? His response was, 'You can hire someone.' "

But Vallee's success at Avnet is measured by more than stories. The distributor has grown more than 150 percent since he became CEO in 1998. "Take a look at what he's done for the employees, for the customers, and for the shareholders. I give him an 'A' in all those areas," said Harvey Najim, president and CEO of Sirius Computer Solutions, a San Antonio-based solution provider. "The CEO is instrumental in articulating what the core values are of any company, then walking the talk."

Avnet's market capitalization now is nearly $6.5 billion, the highest among IT distributors, and up from $1.2 billion when Vallee took over. The market cap and stock price recently hit all-time highs. Avnet's performance over the past several years, considering its market, has been remarkable, said Jeff Weiss, director and founder of the Center of Corporate Innovation, a Los Angeles-based services and consultancy for CEOs and senior executives.

"Computer and component distribution is probably the toughest industry there is. The market hasn't valued it highly. If you look at what he's done at Avnet, all the acquisitions, the research says most don't work. Almost all of his do brilliantly. He's ridden out two industry recessions that have shaken up the management of most firms. I can't think of another company that has gone through all the transactions, the ups and downs of the market, and really not missed a beat. He's been an execution machine all the way through."

Vallee is respectfully referred to as "The Senator" among distribution's elite executives and is painted by friends and colleagues as a genuine, well-spoken CEO who fosters great loyalty through his ability to both devise and execute complex plans.