© wizzyfx dreamstime.com Electronics Production | October 18, 2012
William D. Morean, Jabil Chairman, to Retire
Jabil Circuit today announced that its Chairman of the Board, William D. Morean, will not stand for re-election to the Board at the company's annual meeting of shareholders in January 2013.
The Board also announced that it anticipates that current President & Chief Executive Officer Timothy L. Main will be appointed Chairman immediately following Morean's departure. Main will remain President & CEO until March 2013 as part of a planned and orderly executive succession. In addition, the Jabil Board announced that Chief Operating Officer Mark T. Mondello was nominated to stand for election to join the Jabil Board of Directors in January 2013 and will succeed Main as CEO in March 2013. "On behalf of the Jabil Board, our employees and our shareholders, we thank Bill for his leadership, passion and dedication to Jabil over the past 35 years. We are proud of our progress and our accomplishments, including the fact that since going public in 1993, Jabil is just one of five Fortune 500 companies to post a compounded annual growth rate in revenue and earnings above 25 percent," said Thomas A. Sansone, who served as Jabil's President from 1988 to 1999, and has since served as Vice Chairman of Jabil's Board of Directors.