01—Abstract
Summary
Summary of the 8-K filed September 6, 2024. Cited figures are marked; the original filing is the authoritative source.
Jabil Inc. (NYSE: JBL) filed this Current Report on Form 8-K to disclose that its Board of Directors, on September 3, 2024, increased the size of the Board from nine to ten directors and appointed Michael Dastoor to fill the new seat, effective immediately.
Dastoor, age 58, was named Chief Executive Officer in May 2024. He has been with Jabil since 2000, previously serving as Chief Financial Officer from April 2018 through April 2024 and as Senior Vice President, Controller since July 2010. The filing states that he has no direct or indirect material interest in any transaction required to be reported under Item 404(a) of Regulation S-K.
The appointment is primarily a governance update that consolidates the CEO's role with a board seat. The accompanying press release (Exhibit 99.1) quotes Executive Chairman Mark Mondello describing the appointment as a natural extension of Dastoor's leadership, and quotes Dastoor saying he looks forward to supporting the company's strategic direction and driving long-term shareholder value. The filing does not disclose any change to Dastoor's compensation or any other arrangement in connection with the appointment.
For investors, this filing signals a leadership structure in which the current CEO sits on the Board, and it reflects the Board's decision to expand from nine to ten members. No financial results or operating metrics are reported in this filing.
02—Key points
Key Highlights
- Board expanded from nine to ten directors; Michael Dastoor appointed to the Board effective September 3, 2024, serving until the next annual shareholder meeting or until a successor is elected and qualified.
- Michael Dastoor, age 58, was named Chief Executive Officer in May 2024 and has been with Jabil since 2000.
- Dastoor previously served as Chief Financial Officer from April 2018 through April 2024 and as Senior Vice President, Controller since July 2010.
- The filing states Dastoor has no direct or indirect material interest in any related-party transaction required to be reported under Item 404(a) of Regulation S-K.
- The press release (Exhibit 99.1) quotes Executive Chairman Mark Mondello calling the appointment a natural extension of Dastoor's leadership and impact at Jabil.
- The filing reports no financial results, guidance, or compensation changes related to this appointment.
03—Questions
Frequently Asked Questions
Who is Michael Dastoor and what is his role at Jabil?
Michael Dastoor, age 58, was named Chief Executive Officer of Jabil in May 2024 and was appointed to the Board of Directors on September 3, 2024. He has been with Jabil since 2000 and previously served as Chief Financial Officer from April 2018 through April 2024.
Why did the Board expand from nine to ten directors?
The filing states that the Board increased its size from nine to ten directors and appointed Dastoor to the new seat. The filing does not state a specific reason beyond the appointment itself, though the press release describes the move as a natural extension of his leadership role.
Does this appointment involve any related-party transactions or new compensation?
The filing states that Dastoor does not have any direct or indirect material interest in any transaction required to be reported under Item 404(a) of Regulation S-K. The filing does not disclose any new compensation arrangement tied to his board appointment.
How long will Dastoor serve on the Board?
He will serve effective immediately and continuing until the next annual meeting of shareholders or until his successor is duly elected and qualified.
04—Continue