After 12-year run for Tim Main as Jabil Circuit CEO, it's Mark Mondello's turn
Tim Main's stepping down as CEO at Jabil after one of the more impressive runs managing an area company with intense global competition. Photo: John Pendygraft, Tampa Bay Times.
Wake up and good morning. There's a disturbance in the force at St. Petersburg-based Jabil Circuit. Come March, CEO powerhouse Tim Main will step down as the alpha dog at the global electronics manufacturer to become chairman. Current COO Mark Mondello becomes CEO. And current chairman Bill Morean -- son of company co-founder "Bill" Morean that forms the latter half of the company name Ja"bil" -- will retire. More on Morean here.
Jabil's one of the corporate gems of execution in the Tampa Bay area, a $17-billion revenue business with more than 100,000 employees worldwide and plants from China and eastern Europe to Mexico. It's very good at what it does. It operates in an intensely competitive global market which very few Tampa Bay-based corporations (a few exceptions: Tech Data, Syniverse, Bloomin' Brands) have yet (and may never) encounter.
So why is Main. who's still young, stepping aside after 12 years in charge to become Jabil's chairman? There's not much insight from Jabil's "succession" press release here. RBC Capital analysts, after consulting with Jabil, suggest Main is doing so for personal reasons but there is no detail. Main earned $10.3 million last year. Other analysts like UBS say all is well at Jabil and says "buy."
So who is Mondello? He joined Jabil in 1992 and rose to become chief operating officer in 2002. He's 48, a native of Chicago with a mechanical engineering degree from the University of South Florida. In 2011, he received $5.5 million in compensation from Jabil. Read more about him here.
Here's a 2005 interview Mondello did with Venture Outsource in which he says one of the most valuable lessons he's learned in life is to remain humble and recognize the significance of caring for others.
-- Robert Trigaux, Business Columnist, Tampa Bay Times