Jabil Circuit, Inc. (NYSE:JBL) today announced that its Board of
Directors has accepted Laurence S. Grafstein's resignation as a director
and has appointed David M. Stout to serve as a member of the Board.
Grafstein was recently named managing director and co-head of U.S.
mergers and acquisitions for the investment banking firm of Rothschild,
Inc. Per Jabil’s corporate governance guidelines, Grafstein submitted
his resignation in connection with his change in employment.
“Unfortunately, Larry’s new responsibilities, combined with the
broadening time requirements of the Jabil board, make it impractical for
him to remain on the board. We thank Larry for his significant
contributions over the past seven years. He has offered invaluable
counsel to the company through his participation on the compensation
committee, as well as our nominating and corporate governance
committee,” said Jabil’s Chairman of the Board, William D. Morean.
Grafstein has served as a Jabil director since April 2002. Grafstein's
resignation is effective at the end of the Jabil’s current fiscal year,
August 31, 2009.
Upon the recommendation of the Jabil Board of Directors’ nominating and
corporate governance committee, David M. Stout was appointed to serve as
a member of Jabil’s board, effective September 1, 2009. Stout has not
yet been named to any of the board's committees.
A top-level pharmaceutical executive nationally and internationally for
the past 30 years, David M. Stout is currently retired. Stout was most
recently president of pharmaceutical operations for GlaxoSmithKline
Pharmaceuticals. In this capacity, Stout led global commercial
activities, global manufacturing and all vaccine-related activities,
including research and development. Prior to his tenure at GSK, Stout
served in various executive roles at SmithKline Beecham and
Schering-Plough Corporation. Stout currently serves on the board of
directors for Airgas Incorporated, NanoBio Pharmaceuticals and Allos
Therapeutics.
About Jabil
Jabil is an electronic product solutions company providing
comprehensive electronics design, manufacturing and product management
services to global electronics and technology companies. Jabil helps
bring electronics products to the market faster and more cost
effectively by providing complete global product supply chain
management. With more than 85,000 employees and facilities in 22
countries, Jabil provides comprehensive, individualized-focused
solutions to customers in a broad range of industries. Jabil common
stock is traded on the New York Stock Exchange under the symbol, “JBL”.
Further information is available on the company’s website: jabil.com.
This news release contains forward-looking statements, including
those regarding Jabil's Board of Directors. These statements are based
on current expectations, forecasts and assumptions involving risks and
uncertainties that could cause actual outcomes to differ materially.
These risks and uncertainties include, but are not limited to: such
factors that we may not have currently identified or quantified; and
other risks, relevant factors and uncertainties identified in our Annual
Report on Form 10-K for the fiscal year ended August 31, 2008,
subsequent Reports on Form 10-Q and Form 8-K and our other securities
filings. Jabil disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new information,
future events or otherwise.
Jabil Circuit, Inc.
Investor & Media Contact:
Beth
Walters, Vice President, Investor Relations, 727-803-3349
investor_relations@jabil.com
