Jabil names COO as CEO; old CEO becomes chairman

ST. PETERSBURG, Fla. -- Jabil Circuit Inc. is promoting its chief operating officer, Mark Mondello, to CEO, and its current chief executive is set to become chairman.

CEO Timothy Main, who has led the electric parts maker for 12 years, will step down in March as Mondello takes over. Jabil's board says it anticipates that Main will be named chairman at the company's annual shareholder meeting in January.

Mondello, who has worked at the St. Petersburg, Fla., company for 20 years, also will stand for election to the board.

The board's current chairman, William Morean, is retiring and will not stand for re-election to the board.