ST. PETERSBURG, Fla. - Jabil Inc. (NYSE: JBL), a global manufacturing services company, has announced immediate changes to its senior leadership, with Michael Dastoor appointed as Chief Executive Officer and Gregory Hebard as Chief Financial Officer. These appointments follow an internal investigation related to corporate policies, which the company states does not affect its financial reporting.
Dastoor, who has been with Jabil for over two decades and served as CFO since 2018, steps into the CEO role succeeding Kenneth Wilson. Wilson has departed from both the CEO position and Jabil's Board of Directors. Mark Mondello, Executive Chairman of Jabil's Board, expressed his confidence in Dastoor's abilities and understanding of the company's business and culture.
In his remarks, Dastoor acknowledged the trust placed in him by the Board and expressed his commitment to delivering results for Jabil's stakeholders. He emphasized the strength of the team and the company's potential for growth.
Gregory Hebard, who has been with Jabil since 2009 and has held various financial leadership roles, takes over as CFO. His experience is expected to be instrumental as Jabil continues to execute its strategic roadmap.
Additionally, the company has made several other executive appointments: Fred McCoy as Executive Vice President, Operations; Steve Borges returning from a previously announced retirement to serve as Executive Vice President, Global Business Units; Matt Crowley and Andy Priestley, both promoted to Executive Vice President, Global Business Units.
Jabil, with a history spanning over half a century, operates across numerous industries offering engineering, manufacturing, and supply chain solutions. The company prides itself on sustainable and community-focused practices alongside its business operations.
The information for this article is based on a press release statement from Jabil Inc.
InvestingPro Insights
In the wake of the leadership transition at Jabil Inc. (NYSE: JBL), a glance at the company's financial metrics and market performance may offer stakeholders additional context. According to InvestingPro data, Jabil boasts a robust market capitalization of $13.87 billion, underlining its substantial presence in the manufacturing services sector. The company's P/E ratio stands at an attractive 9.91, suggesting a potentially undervalued stock in comparison to its near-term earnings growth, as the adjusted P/E ratio for the last twelve months as of Q2 2024 is higher at 13.46.
InvestingPro Tips highlight that Jabil's management has been actively repurchasing shares, demonstrating confidence in the company's value and future prospects. Furthermore, Jabil is recognized as a prominent player in the Electronic Equipment, Instruments & Components industry, with a history of maintaining dividend payments for 19 consecutive years, a testament to its financial stability and commitment to shareholder returns.
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