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CEO ousted as investigation prompts leadership shakeup at Jabil


  • By Louis Llovio
  • | 11:15 a.m. May 20, 2024
  • | 2 Free Articles Remaining!
Kenny Wilson, Jabil CEO, just oversaw a $2.2 billion sale of a consumer electronics division to BYD Electronic.
Kenny Wilson, Jabil CEO, just oversaw a $2.2 billion sale of a consumer electronics division to BYD Electronic.
  • Tampa Bay-Lakeland
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Kenneth Wilson has been permanently removed as CEO of St. Petersburg technology company Jabil after an internal investigation.

Wilson is being replaced by Michael Dastoor, who has been the interim CEO since mid-April, when the company announced it was looking into a matter “related to corporate policies.”

Jabil, a multinational manufacturing company that makes parts for major brands, did not disclose any details of the investigation. 

A spokesperson for the company says in an email that "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 says in the filing, and the spokesperson repeats in the email, that "this investigation did not relate to, and does not impact, the company’s financial statements or financial reporting."

In a separate filing Monday morning, the company announced it is withdrawing its fiscal year 2025 guidance citing, in part the “unanticipated CEO transition.”

In that filing, Dastoor tried to reassure investors saying, “Despite short-term challenges, I remain optimistic about Jabil’s future, thanks to our talented team and the depth of our bench strength.

“We are in a good position to seize opportunities in secular growth areas like AI data center hardware, power and energy infrastructure, software-defined electric and hybrid vehicles, and healthcare,” he says.

Wilson was named CEO in May 2023, taking over for Mark Mondello.

According to a news release announcing the promotion, Wilson had been with the company since 2000, when he joined Jabil as a business unit coordinator in Livingston, Scotland. He had led its Green Point division in Asia as well before being named CEO. 

Dastoor, before stepping in as CEO, had been the company’s CFO since 2018. According to the statement, he has been with the company for 24 years and held several leadership positions, including serving as senior vice president, controller from 2010 to 2018.

Gregory Hebard, who was senior vice president, treasurer, has been named as the company’s new CFO. 

In addition to replacing Wilson, Jabil also announced several other leadership changes.

  • 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’s net revenue, according to its second quarter earnings report released in March, was down 16.8% to $6.7 billion for the first three months of the fiscal year when compared with last year.

 

author

Louis Llovio

Louis Llovio is the deputy managing editor at the Business Observer. Before going to work at the Observer, the longtime business writer worked at the Richmond Times-Dispatch, Maryland Daily Record and for the Baltimore Sun Media Group. He lives in Tampa.

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