Compensation was essentially flat in fiscal 2016 for Mark Mondello, CEO of Jabil Circuit Inc., and dipped more than 20 percent for three other top executives at the St. Petersburg electronics design and manufacturing firm.
The company, which pays executives based on meeting performance targets, cited “challenging business and customer issues” in its proxy filing detailing compensation for the 12 months ended Aug. 31.
Among the factors cited was “end user product demand in the mobility business” that was “substantially below expectations” for the second, third and fourth quarters of the year.
Apple Inc. (NASDAQ: AAPL), Jabil’s largest customer, reported a year-over-year decrease in iPhone sales in fiscal 2016. Jabil makes cases for the iPhone.
Each of the executives got about a 4.5 percent increase in their base salary in fiscal 2016, but none of the executives for whom there are year-to-year pay comparisons received short-term incentive compensation.
Mondello’s total compensation for the year, including salary and stock awards, was $10.5 million, up just 0.3 percent from total compensation of $10,485,993.
Here are the other named executive officers in Jabil’s proxy, their total compensation in fiscal 2016 and how that compared to the prior year:
- Forbes Alexander, chief financial officer, $3,537,324, down 21 percent
- William Muir Jr., chief operating officer, $3,537,324, down 25 percent
- William Peters, president, $3,537,702, down 25 percent
- Alessandro Parimbelli, executive vice president, chief executive officer, enterprise and infrastructure, $3,246,959
A year-to-year comparison was not shown for Parimbelli, who was the only named executive to get a short-term incentive payout based on achieving divisional performance goals.
Jabil, the second largest publicly traded company in the Tampa Bay area, typically is the first to file a proxy and report compensation because of its fiscal year calendar.