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ST. PETERSBURG — Jabil Circuit Inc. announced its succession plan for its top executives after Chairman William D. Morean says he will not seek re-election for the board in January.
The company announced that President and CEO Timothy Main will become the new chairman immediately upon Morean's departure, and Chief Operating Officer Mark Mondello will take the helm as CEO. Mondello will takeover as CEO March 1.
Main has led the company as CEO for the past 12 years. Mondello started at Jabil in 1992 as a manufacturing supervisor. From there, he worked his way up management until he was promoted to COO in 2002, where he oversaw global operations, business development, new product development, supply chain and information technology.
Morean, son of Jabil's founder, has been with the company 35 years, and says he feels he's leaving it in good hands. “Building this business and watching it grow and prosper over the years has truly been an inspirational experience that I will always cherish. And, this Jabil management team has made it easy to have success,” Morean says in a release. “I'm sure my dad would be amazed to see the cultural values of accountability and empowerment intact in the global powerhouse that Jabil has become."
Founded in 1966 in Detroit, Jabil is a publicly traded electronics company based in St. Petersburg (symbol: JBL, recent price: $17.49).
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