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Jabil (NYSE:JBL) withdrew its fiscal year 2025 guidance on Monday amid slowing demand from renewables, 5G, semi-cap, and electric vehicles markets and removal of chief executive Kenneth Wilson.
The electronics components maker said it had removed Wilson as CEO and a member of its board following the completion of a previously announced investigation related to corporate policies.
Wilson is succeeded by finance chief Michael Dastoor, who has been serving as the company’s interim CEO since April, when Wilson was put on paid leave.
According to the Apple (AAPL) supplier, Dastoor joined the company in 2000, and served as CFO since 2018. Wilson too joined the company in 2000, and took over as CEO in May 2023.
The company reaffirmed its previously provided third-quarter guidance.
“FY24 has been a year of change for Jabil, as we divested our Mobility business and plan to utilize most of the net proceeds to repurchase shares. Meanwhile, some of our end markets such as renewables, 5G, semi-cap, and electric vehicles have weakened,” said Dastoor.
“Even with all these moving parts, we feel confident that we will deliver core margins of 5.6% and core diluted earnings per share of $8.40 in FY24, while also generating more than $1 billion in adjusted free cash flow,” Dastoor added.
