(By Balaseshan) Jabil Circuit Inc. (NYSE: JBL), a provider of electronics manufacturing services, said Operating Chief Mark Mondello will succeed Timothy Main as Chief Executive in March 2013.
The company said its Chairman William Morean will not stand for re-election to the Board at the company's annual meeting of shareholders in January 2013.
The board also said it anticipates that current President & Chief Executive Timothy 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, Jabil's board said Chief Operating Officer Mark Mondello was nominated to stand for election to join the board of directors in January 2013 and will succeed Main as CEO in March 2013.
William Morean (Bill) and James Golden founded the electronics assembly repair business in 1966 in Detroit, Michigan, combining their first names to create the name Jabil.
Bill took over the company in 1978. At that time the company had less than $700,000 in annual revenues, no automated equipment and little capital to invest. Today, Jabil is the third largest EMS provider with over $17 billion in revenue and more than 140,000 employees worldwide.
JBL is trading down 0.45% at $17.64 on Thursday. The stock has been trading between $16.82 and $27.40 for the past 52 weeks.