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Jabil Changes Board of Directors
July 23, 2009 |Estimated reading time: 1 minute
ST. PETERSBURG, FL Jabil Circuit Inc. (NYSE: JBL) announced that its Board of Directors has accepted Laurence S. Grafstein's resignation as a director and has appointed David M. Stout to serve as a member of the Board.
Grafstein was recently named managing director and co-head of U.S. mergers and acquisitions for the investment banking firm of Rothschild, Inc. Per Jabil's corporate governance guidelines, Grafstein submitted his resignation in connection with his change in employment. "Unfortunately, Larry's new responsibilities, combined with the broadening time requirements of the Jabil board, make it impractical for him to remain on the board. We thank Larry for his significant contributions over the past seven years. He has offered invaluable counsel to the company through his participation on the compensation committee, as well as our nominating and corporate governance committee," said Jabil's Chairman of the Board, William D. Morean. Grafstein has served as a Jabil director since April 2002. Grafstein's resignation is effective at the end of the Jabil's current fiscal year, August 31, 2009.
Upon the recommendation of the Jabil Board of Directors' nominating and corporate governance committee, David M. Stout was appointed to serve as a member of Jabil's board, effective September 1, 2009. Stout has not yet been named to any of the board's committees.
A top-level pharmaceutical executive nationally and internationally for the past 30 years, David M. Stout is currently retired. Stout was most recently president of pharmaceutical operations for GlaxoSmithKline Pharmaceuticals. In this capacity, Stout led global commercial activities, global manufacturing and all vaccine-related activities, including research and development. Prior to his tenure at GSK, Stout served in various executive roles at SmithKline Beecham and Schering-Plough Corporation. Stout currently serves on the board of directors for Airgas Incorporated, NanoBio Pharmaceuticals and Allos Therapeutics.
For more information, visit www.jabil.com.
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