01:04 PM EDT, 05/20/2024 (MT Newswires) -- Jabil ( JBL ) announced a new chief executive on Monday following an internal investigation into "corporate policies" while the company pulled its fiscal 2025 guidance amid the unexpected leadership transition.

The manufacturing solutions provider named Michael Dastoor, most recently Jabil's ( JBL ) chief financial officer and interim CEO, as its new CEO, effective immediately. Shares of Jabil ( JBL ) climbed 6.3% in Monday trade.

Jabil ( JBL ) promoted Treasurer Gregory Hebard to CFO. The leadership changes are in response to an investigation related to corporate policies that Jabil ( JBL ) initially disclosed last month. On April 15, Jabil ( JBL ) put then-CEO Kenneth Wilson on paid leave pending the results of the investigation.

"I have worked side-by-side with Mike for many years," Executive Chairman Mark Mondello said in a statement. "I'm most confident in Mike's abilities and appreciate his depth of experience. He has a complete understanding of the business and our people."

Pointing to the "unanticipated CEO transition" and current visibility in certain end markets, Jabil ( JBL ) pulled its fiscal 2025 guidance. Management had been forecasting core EPS of $10.65 and core operating margin of 5.7% next year, according to an investor presentation released in March.

For the ongoing fiscal 2024, Dastoor continues to expect a core margin of 5.6% and adjusted earnings per share of $8.40, despite "lower volumes and revenue," Dastoor said. The average analyst estimate on Capital IQ is for normalized EPS of $8.36. In March, Jabil ( JBL ) reduced its full-year sales outlook to $28.5 billion, which remains the top-line consensus.

"Despite short-term challenges, I remain optimistic about Jabil's ( JBL ) future, thanks to our talented team and the depth of our bench strength," Dastoor said. "We are in a good position to seize opportunities in secular growth areas like (artificial intelligence) data center hardware, power and energy infrastructure, software-defined electric and hybrid vehicles, and healthcare."

Jabil ( JBL ) reiterated its fiscal 2024 third-quarter guidance for revenue in the $6.2 billion to $6.8 billion range and core EPS of $1.65 to $2.05. The Street's view is for sales and adjusted EPS of $6.53 billion and $1.85, respectively.

Price: 122.37, Change: +7.35, Percent Change: +6.39