Michael Dastoor
COLUMBUS MCKINNONAbout Michael Dastoor
Independent director since May 2021; age 59. Currently Chief Executive Officer of Jabil Inc. (NYSE: JBL) since 2024; previously EVP & CFO (2018–2024), and SVP, Controller (2010–2018) at Jabil after joining in 2000. Earlier served seven years as Regional Chief Financial Officer at Inchape plc; holds finance and accounting degrees from the University of Mumbai and is a Chartered Accountant (ICAEW) with six years of audit experience in the UK/Europe. Designated audit committee financial expert on CMCO’s Board.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Jabil Inc. | Chief Executive Officer | 2024–present | Transition to CEO led to stepping down as CMCO Audit Chair (July 2024), retaining Audit Committee membership |
| Jabil Inc. | EVP & Chief Financial Officer | 2018–2024 | Global finance leadership; relevant expertise for CMCO Audit Committee |
| Jabil Inc. | SVP, Controller | 2010–2018 | Financial controls background supports audit oversight |
| Jabil Inc. | Various leadership roles | 2000–2010 | International operations and finance experience |
| Inchape plc | Regional Chief Financial Officer | ~7 years (pre-2000) | Automotive/manufacturing finance; global exposure |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Jabil Inc. (NYSE: JBL) | Chief Executive Officer | 2024–present | Operating CEO role; no CMCO-related party transactions disclosed for FY2025 |
Board Governance
- Independence: Board determined Dastoor (and all committee members) are independent under Nasdaq rules; only the CEO director is non-independent. All Board committees comprise only independent directors.
- Committee assignments: Member, Audit Committee (Chair through July 2024; stepped down upon becoming Jabil CEO); served on Human Capital, Compensation & Succession Committee (Jul 2022–Feb 2023).
- Audit Committee structure: FY25 members were Chris J. Stephens Jr. (Chair), Chad R. Abraham, and Michael Dastoor; committee met 5 times; all three audit committee financial experts.
- Attendance: Board held 6 meetings in FY2025; each director attended at least 75% of Board and committee meetings and attended the 2024 Annual Meeting.
- Executive sessions & leadership: Independent Board Chair; regular executive sessions of independent directors.
Fixed Compensation
| Component | FY2025 Amount | Details |
|---|---|---|
| Annual cash retainer | $90,000 | Standard non-employee director retainer |
| Committee chair fees | Up to $20,000 per chair (Audit/Comp/Gov) | Pro-rated for partial-year service |
| Chair/Lead Director premiums | Chair $80,000; Lead Independent Director $45,000 | Not applicable to Dastoor in FY2025 |
| Equity grant | 3,514 CMCO shares; grant-date fair value $130,018 | Vests immediately; deferral optional |
Director-specific FY2025 totals:
| Director | Cash Fees ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|
| Michael Dastoor | 100,000 | 130,018 | 230,018 |
- Deferred compensation: Directors may defer cash/stock; Dastoor held 3,226 deferred shares as of March 31, 2025.
Performance Compensation
- Not applicable. CMCO’s director pay program uses fixed cash retainers and annual equity grants with immediate vesting; no performance-based metrics or options for directors.
Other Directorships & Interlocks
| Company | Role | Overlap/Interlocks | Notes |
|---|---|---|---|
| Jabil Inc. | CEO | None disclosed with CMCO | No CMCO related-party transactions required to be disclosed for FY2025. |
Expertise & Qualifications
- Audit/finance: Audit committee financial expert; deep accounting/finance leadership across engineering services, electronics manufacturing, and automotive.
- Global operations: Significant international experience, notably in Southeast Asia and Latin America, and across UK/EU.
- Board skills matrix: Finance expertise emphasized among CMCO directors.
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | Notes |
|---|---|---|---|
| Michael Dastoor | 20,366 | <1% | Excludes 3,226 deferred shares |
| Deferred Stock | 3,226 | — | Held via director stock deferral program |
Ownership alignment:
- Director stock ownership guidelines require 5x annual cash retainer within 5 years; all directors were in compliance as of March 31, 2025. Anti-hedging and anti-pledging policies in place.
Governance Assessment
- Strengths: Independent status; audit committee financial expert credentials; prior audit chair experience; strong attendance; independent-only committees; robust clawback/anti-hedging policies.
- Transition signal: Stepped down as Audit Chair in July 2024 upon becoming Jabil CEO—appropriate governance response to potential time/role conflicts while maintaining audit committee membership.
- Alignment: Mix of cash and equity ($100k cash; $130k equity) with ownership compliance and deferred stock indicates alignment without leveraged risk (pledging prohibited).
- Conflicts/related parties: Company reports no related party transactions requiring disclosure for FY2025; Section 16 compliance issues noted did not involve Dastoor.
RED FLAGS: None disclosed specific to Dastoor (no related-party transactions, pledging, or hedging). Governance prudence evidenced by relinquishing Audit Chair role upon external CEO appointment.
Insider Trades and Compliance
| Item | Status |
|---|---|
| Section 16(a) compliance (FY2025) | Company in compliance; late filings disclosed for certain executives, not including Dastoor. |
Committee History and Roles
| Committee | Role | Period |
|---|---|---|
| Audit Committee | Chair | Through July 2024 |
| Audit Committee | Member | Current (FY2025) |
| Human Capital, Compensation & Succession | Member | Jul 2022–Feb 2023 |
Director Compensation Structure (Program Overview)
| Program Element | FY2025 Design |
|---|---|
| Cash retainer | $90,000 annually; chair premiums for Board ($80,000) and committees ($20,000) |
| Equity | Annual grant of 3,514 shares; immediate vesting; grant-date fair value ~$130,018 |
| Meeting fees | None; expenses reimbursed |
| Deferral | Nonqualified plan allows deferral of cash/stock; balances accrue per plan terms |
Notes on Board Effectiveness
- Board held 6 meetings; embedded strategic oversight and risk management with frequent updates; Audit Committee oversees ERM, cyber, compliance; dedicated Cyber Sub-Committee.
- Independent chair and executive sessions support robust oversight culture.