Jabil replaces CEO after investigation, pulls 2025 forecast

JABIL-CEO/ (UPDATE 2):UPDATE 2-Jabil replaces CEO after investigation, pulls 2025 forecast

Reuters
First Published20 May 2024
Jabil replaces CEO after investigation, pulls 2025 forecast
Jabil replaces CEO after investigation, pulls 2025 forecast

(Adds Jabil comment in paragraphs 4 and 5, updates share movement in paragraph 9)

May 20 (Reuters) - Jabil CEO Kenneth Wilson will leave immediately, the company said on Monday, following the completion of a previously disclosed investigation related to "corporate policies" and will be succeeded by finance chief Michael Dastoor.

The electronic components maker, whose customers include Apple, also withdrew its fiscal 2025 forecast, citing the surprise CEO transition.

Dastoor, who has worked at Jabil for 24 years, was named interim CEO on April 18 while Wilson was placed on paid leave since April 15 pending completion of the investigation.

Jabil reiterated the investigation does not relate to, and does not impact the company's financial statements or financial reporting, but did not provide further details.

"In order to respect the privacy and confidentiality of the individuals involved, we will not be speaking about the details of the investigation or the results," the company said in a statement to Reuters.

Wilson, also a Jabil veteran, was named CEO in November 2022 and took charge in May 2023.

Wilson did not immediately respond to Reuters' request for comment.

In March, the Florida-based company cut its 2024 forecasts on declining demand for electronics as inflation-hit customers cut down on discretionary spending.

Gregory Hebard, most recently treasurer, was named the chief financial officer.

Shares of the company were up 6% in mid-day trade. They have lost about 11% of their value since the company disclosed the investigation.

(Reporting by Aishwarya Jain in Bengaluru; Editing by Krishna Chandra Eluri and Sriraj Kalluvila)

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
HomeNewsJabil replaces CEO after investigation, pulls 2025 forecast

Most Active Stocks

Tata Steel

182.25
10:29 AM | 12 JUN 2024
0.9 (0.5%)

Indian Oil Corporation

168.80
10:27 AM | 12 JUN 2024
1.1 (0.66%)

Tata Power

449.55
10:29 AM | 12 JUN 2024
1.1 (0.25%)

Tata Motors

988.60
10:26 AM | 12 JUN 2024
1.5 (0.15%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Sunteck Realty

578.95
10:20 AM | 12 JUN 2024
50.65 (9.59%)

Max Healthcare Institute

870.60
09:59 AM | 12 JUN 2024
68.1 (8.49%)

Trident

40.46
10:28 AM | 12 JUN 2024
2.61 (6.9%)

Amber Enterprises India

4,104.95
10:22 AM | 12 JUN 2024
257.5 (6.69%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    73,660.000.00
    Chennai
    73,231.000.00
    Delhi
    72,802.000.00
    Kolkata
    73,374.000.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    99.84/L0.00
    Chennai
    100.75/L0.00
    Kolkata
    103.94/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumInstant LoanGet App