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Posted 25 August, 2023

JABIL INC appointed new CEO

CEO Change detected for ticker NYSE:JBL in a 8-K filed on 25 August, 2023.


  In connection with the retirement of Mr. Steven Borges, Executive Vice President and CEO, Diversified Manufacturing Services, effective December 31, 2023, Mr. Borges entered into a Mutual Separation Agreement and Release dated August 21, 2023 (the "Agreement").  

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Overview of JABIL INC
Business/Consumer Services • Technical Services
Jabil, Inc. engages in the provision of electronic manufacturing services and solutions. It offers electronics design, production, product management, and repair services to companies in the automotive and transportation, capital equipment, consumer lifestyles and wearable technologies, computing and storage, defense and aerospace, digital home, healthcare, industrial and energy, mobility, networking and telecommunications, packaging, point of sale, and printing industries. The firm operates through the following segments: Electronics Manufacturing Services and Diversified Manufacturing Services. The Electronics Manufacturing Services segment focuses around leveraging IT, supply chain design and engineering, and technologies largely centered on core electronics. The Diversified Manufacturing Services segment provides engineering solutions, with an emphasis on material sciences and technologies. The company was founded by William E. Morean and James Golden in 1966 and is headquartered in St. Petersburg, FL.
Market Cap
$19.0B
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Relevant filing section
Item 5.02 
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 


In connection with the retirement of Mr. Steven Borges, Executive Vice President and CEO, Diversified Manufacturing Services, effective December 31, 2023, Mr. Borges entered into a Mutual Separation Agreement and Release dated August 21, 2023 (the "Agreement"). Mr. Borges will separate from Jabil, Inc. ("Jabil") as of December 31, 2024 (the "Separation Date"). 

The Agreement provides that Mr. Borges will receive a severance payment of $1,100,000 payable in four equal quarterly installments, beginning on or immediately after the Separation Date. Mr. Borges will also receive his annual cash incentive under Jabil's Short Term Incentive Plan for fiscal year 2024 payable when other officers of Jabil receive payments under such plan for fiscal year 2024. The Agreement further provides that, with respect to his outstanding equity and equity-based awards, Jabil will abide by the terms of the applicable award agreements. Mr. Borges will be entitled to continuation of group medical insurance coverage subsidized by Jabil for the lesser of eighteen (18) months or until he becomes eligible for enrollment in group health coverage of a successor employer. Under the Agreement, Mr. Borges will be subject to (a) a general release of claims and a covenant not to sue, (b) confidentiality and non-disparagement provisions, and (c) non-compete, non-solicitation, and non-interference provisions for a period of two years after the Separation Date. Amounts payable to Mr. Borges under the Agreement are subject to forfeiture and/or claw back in the event of a violation or threatened violation of the confidentiality, non-disparagement, non-compete, non-solicitation, and non-interference provisions. 

The foregoing summary is qualified in its entirety by reference to the Agreement, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference.