Published: Oct 18, 2012 6:15 PM EDT
Updated: Oct 19, 2012 6:31 AM EDT

ST. PETERSBURG, Fla. (AP) - Jabil Circuit Inc. said Thursday that it's promoting its chief operating officer, Mark Mondello, to CEO, and its current chief executive is set to become chairman.

The board's current chairman, William Morean, is retiring and will not stand for re-election to the board. Morean is the son of one of Jabil's founders. He joined the company in 1977 and served as CEO from 1988 to 2000. He has been chairman since 1988.

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 said it expects Main to be named chairman at the company's annual shareholder meeting in January.

Mondello, who has spent 20 years at the St. Petersburg, Fla., company and became chief operating officer in 2002, also will stand for election to the board.

Jabil shares fell 46 cents, or 2.6 percent, to close at $17.26 Thursday.