ST. PETERSBURG, FL – Jabil has announced a number of changes in senior leadership, including the appointment of Michael Dastoor as CEO to replace Kenny Wilson, who was placed on leave in April and will not be returning to the position.

The company said the change in leadership follows the completion of an investigation related to corporate policies. The investigation did not relate to, and does not impact, the company’s financial statements or financial reporting, Jabil said.

Dastoor previously served as the company’s CFO since 2018, and he has held multiple leadership roles across the company's global markets since joining in 2000, including serving as senior vice president, controller from 2010 to 2018.

Gregory Hebard, most recently senior vice president, treasurer, has been appointed CFO.

"I have worked side-by-side with Mike for many years," said Mark Mondello, executive chairman of Jabil’s board. "I’m most confident in Mike’s abilities and appreciate his depth of experience. He has a complete understanding of the business and our people. Mike also carries an intense respect for our culture."

"I am humbled by the trust that our board has placed in me. I have tremendous pride in this company and am fully committed to delivering results for our customers, our employees, and our investors in collaboration with all our partners," said Dastoor. "We have an exceptional team at all levels in the organization. I look forward to working with all of them as we work to build on Jabil's legacy and pursue the exciting opportunities ahead.

"We are also fortunate to have such a strong leadership roster to guide the company into its next chapter and we couldn’t be more pleased to appoint Greg as our new CFO. Greg is an accomplished financial professional with a deep knowledge of Jabil and all its business units, and we look forward to partnering with him as we advance our strategic roadmap."

Jabil also made several other appointments to its leadership team:

• Fred McCoy has been appointed executive vice president, operations, replacing JJ Creadon. McCoy was most recently executive vice president, global business units.
• Steve Borges has returned to his role under the title of executive vice president, global business units, following a previously announced retirement.
• Matt Crowley has been appointed executive vice president, global business units. He was most recently senior vice president, global business units.
• Andy Priestley has been appointed executive vice president, global business units. He was most recently senior vice president, global business units.

Jabil also reiterated its third quarter 2024 guidance of revenue of $6.2 billion to $6.8 billion.

"I’m pleased with how our team has executed this quarter under very dynamic market conditions," Dastoor said. "FY24 has been a year of change for Jabil, as we divested our Mobility business and plan to utilize most of the net proceeds to repurchase shares. Meanwhile, some of our end markets such as renewables, 5G, semi-cap, and electric vehicles have weakened.

"Even with all these moving parts, we feel confident that we will deliver core margins of 5.6% and core diluted earnings per share of $8.40 in FY24, while also generating more than $1 billion in adjusted free cash flow. All in all, to see our FY24 margins and free cash flow hold up in the face of lower volumes and revenue speaks to the strength of our business."