Jabil Inc. is a global leader in manufacturing solutions, providing services across various industries, including electronics, healthcare, and industrial products. As a Fortune 500 company, Jabil plays a crucial role in the global supply chain, and its leadership team is pivotal to its success. At the helm of this manufacturing giant is Mike (Michael) Dastoor, who was appointed as Chief Executive Officer (CEO) in May 2024.
Executive compensation in the manufacturing sector is a topic of interest for many, especially investors, employees, and industry analysts. In this blog, we will explore Mike Dastoor’s salary, net worth, and the factors influencing his compensation.
Who is Mike Dastoor?
Mike Dastoor is a seasoned leader with over two decades of experience at Jabil Inc., making him a trusted figure in the company’s leadership. His appointment as CEO in May 2024 marked a significant milestone in his career and for Jabil as a company.
Career Journey
- Joined Jabil in 2000: Mike Dastoor began his career with Jabil, where he quickly rose through the ranks due to his expertise in finance and leadership skills.
- Controller Role: In 2010, he was promoted to Senior Vice President, Controller, overseeing Jabil’s financial operations globally.
- Chief Financial Officer (CFO): From April 2018, Dastoor served as Executive Vice President and CFO, where he played a critical role in managing Jabil’s finances and driving profitability.
- CEO Appointment: In May 2024, Dastoor was named CEO, and in September 2024, he joined Jabil’s Board of Directors.
Educational Background
- University of Bombay: Dastoor holds a degree in Finance and Accounting.
- Chartered Accountant: He is a Chartered Accountant from the prestigious Institute of Chartered Accountants in England and Wales, showcasing his strong financial expertise.
Jabil CEO Salary Breakdown
Mike Dastoor’s compensation package reflects Jabil’s strategy of aligning executive pay with company performance. While exact figures for his salary in 2024 are yet to be disclosed, historical data and trends provide insights into Jabil’s CEO pay structure.
Key Components of Jabil CEO Compensation
- Base Salary:
- The fixed portion of the CEO’s pay is typically a smaller percentage of the total package.
- For previous CEOs, base salaries ranged between $1 million and $1.5 million, suggesting Dastoor’s base salary may fall within this range.
- Performance-Based Bonuses:
- Bonuses are tied to Jabil’s financial metrics, such as revenue growth, profitability, and operational efficiency.
- These incentives reward the CEO for achieving strategic goals.
- Equity/Stock Awards:
- Stock awards form the largest portion of Jabil CEO compensation.
- Previous CEO Kenny Wilson’s 2023 compensation included a stock award valued at $6.2 million, and Mark Mondello’s packages often exceeded this amount.
- Dastoor’s equity awards are likely substantial, reflecting his role in driving shareholder value.
- Other Benefits:
- Includes retirement contributions, healthcare benefits, travel allowances, and other perks.
- These components are typically valued at $500,000 to $1 million annually.
Estimated 2024 Compensation
- Based on historical trends, Dastoor’s total compensation is likely in the range of $10–$15 million, with equity awards accounting for the majority.
- Jabil’s compensation structure emphasizes long-term value creation through stock awards and performance incentives.
Mike Dastoor’s Net Worth
Estimated Net Worth
Mike Dastoor’s net worth is estimated to be between $50–$70 million, based on:
- Stock Holdings:
- As CEO, Dastoor likely holds significant shares of Jabil stock, which contribute to his wealth.
- Stock awards from previous roles as CFO and Controller also add to his net worth.
- Career Earnings:
- With over 24 years at Jabil, Dastoor has accumulated substantial wealth through salaries, bonuses, and equity awards.
- Other Investments:
- Dastoor may have additional investments in real estate, financial assets, or other ventures.
Comparison to Other Manufacturing CEOs
Dastoor’s net worth is competitive compared to other leaders in the manufacturing sector:
- Kenny Wilson (Former Jabil CEO): Estimated net worth of $60–$80 million.
- Mark Mondello (Earlier Jabil CEO): Estimated net worth exceeding $100 million.
- Apple CEO (Tim Cook): Estimated net worth of $1.9 billion, reflecting the tech industry’s higher compensation levels.
CEO Pay Ratio and Industry Comparison
CEO-to-Employee Pay Ratio
- Jabil’s CEO-to-median employee pay ratio has been reported as high as 515:1, reflecting the significant disparity between executive pay and average employee earnings.
- This ratio is typical for large manufacturing companies, where executive compensation is heavily weighted toward equity and performance-based incentives.
Comparison to Other Manufacturing CEOs
- Kenny Wilson (2023): $10.2 million total compensation.
- Mark Mondello (Earlier Years): Total packages often exceeded $15 million.
- Other Industry Leaders:
- David Farr (Emerson Electric): $14–$16 million annually.
- Darius Adamczyk (Honeywell): $20–$25 million annually.
Dastoor’s compensation aligns with Jabil’s strategy of rewarding performance while remaining competitive within the industry.
Factors Influencing Jabil CEO Compensation
Several factors shape the structure and size of Mike Dastoor’s pay package:
1. Jabil’s Financial Performance
Jabil’s financial success is a key driver of its CEO’s compensation. In recent years, Jabil has achieved:
- Revenue Growth: Driven by demand for electronics, healthcare, and sustainable manufacturing solutions.
- Operational Efficiency: Jabil’s focus on supply chain optimization has resulted in significant cost savings.
- Global Expansion: The company continues to grow its presence in international markets, further boosting revenue.
2. Performance-Based Pay Structure
Jabil emphasizes performance-based pay to align executive compensation with shareholder interests. This includes:
- Stock Awards: The largest portion of Dastoor’s pay, incentivizing long-term value creation.
- Bonuses: Linked to financial metrics such as revenue, profit margins, and operational goals.
3. Leadership in Innovation
Dastoor’s leadership in advancing Jabil’s innovation initiatives, including its focus on technology and sustainability, plays a key role in determining his pay.
Public Perception and Controversy
Public Opinion on CEO Pay
- Supporters’ Viewpoint:
- Dastoor’s pay reflects his critical role in driving Jabil’s success and innovation.
- Performance-based incentives ensure his earnings align with shareholder value.
- Critics’ Viewpoint:
- High CEO-to-employee pay ratios raise concerns about income inequality.
- Some argue that executive pay in manufacturing should be more balanced.
Transparency in Compensation
Jabil is committed to transparency in its executive pay policies, publishing detailed reports in its annual filings. This helps address stakeholder concerns and ensures accountability.
Jabil’s Financial Performance and CEO Pay
Jabil’s financial performance is directly tied to Mike Dastoor’s compensation. Recent highlights include:
- Revenue Growth: Jabil continues to see strong demand for its manufacturing solutions across industries.
- Profitability: The company’s focus on cost efficiency has resulted in high profit margins.
- Sustainability Investments: Jabil’s commitment to green manufacturing and renewable energy projects positions it as a leader in sustainable manufacturing.
Dastoor’s performance-based pay ensures his compensation reflects Jabil’s financial success and strategic achievements.
Future Outlook for Jabil CEO Compensation
As Jabil continues to innovate and expand, Mike Dastoor’s compensation is expected to grow. Key factors influencing his future earnings include:
- Global Expansion: Jabil’s presence in international markets will create new revenue streams and growth opportunities.
- Technological Innovation: Advancing Jabil’s use of technology to improve efficiency and reduce costs.
- Sustainability Goals: Investments in green manufacturing and renewable energy projects will drive long-term growth.
Dastoor’s leadership will play a critical role in achieving these goals, ensuring his compensation aligns with Jabil’s success.
Takeaways (clean and reference-ready)
- Mike Dastoor is Jabil’s CEO as of May 2024, with a long internal track record at Jabil.
- Jabil CEO compensation is typically equity-heavy, so “salary” alone is not the true pay story.
- The most concrete number in the information you shared is for former CEO Kenny Wilson: $10.2M total compensation, including a $6.2M stock award.
- For Dastoor, exact “latest total compensation” should be taken from Jabil’s DEF 14A once the filings fully cover his CEO period.
- The CEO-to-employee pay ratio disclosed in your material reached 515:1, which is strongly influenced by equity valuations and workforce mix.
Conclusion
Mike Dastoor’s salary and net worth highlight his significant contributions to Jabil and the manufacturing industry. As CEO, Dastoor’s estimated compensation for 2024 is likely in the range of $10–$15 million, with stock awards forming the largest portion. His net worth, estimated at $50–$70 million, reflects his long tenure at Jabil and the company’s performance-driven compensation model.