World Fuel Services Corporation Announces Executive Leadership Transition
August 29 2011 - 8:32AM
Business Wire
World Fuel Services Corporation (NYSE: INT), today announced
that during its regularly scheduled board meeting held August 26th
its Board of Directors approved the transition of Michael J. Kasbar
to the position of president and chief executive officer effective
January 1, 2012. Following the transition, Paul H. Stebbins will
remain as executive chairman.
“One of the most important responsibilities of a chief executive
officer is ensuring effective succession in the enterprise,” stated
Paul H. Stebbins, chairman and chief executive officer of World
Fuel Services Corporation. Mike has been the thought-leader driving
our strategic expansion and he is uniquely qualified to lead World
Fuel through our next phase of growth. We have been partners for 27
years, and I will continue to support Mike’s efforts by maintaining
an active role in customer and supplier relationships, assisting in
business development and representing the company at industry
events around the world.”
The company will continue to benefit from Mr. Stebbins’
leadership and experience through his service as both chairman of
the board of directors of the company and as a member of the
executive management team.
“The past 10 years have been a time of extraordinary growth and
transformation at World Fuel,” said Michael J Kasbar, president and
chief operating officer. “The company has achieved an important
level of organizational maturity and is now poised for a new level
of strategic engagement in today’s fast changing global
market.”
Information Relating to Forward-Looking Statements
With the exception of historical information in this news
release, this document includes forward-looking statements that
involve risks and uncertainties, including, but not limited to,
quarterly fluctuations in results, the creditworthiness of
customers and counterparties and our ability to collect accounts
receivable, fluctuations in world oil prices or foreign currency,
changes in political, economic, regulatory, or environmental
conditions, adverse conditions in the markets or industries in
which we or our customers operate, our failure to effectively hedge
certain financial risks associated with the use of derivatives,
non-performance by counterparties or customers on derivatives
contracts, the integration of acquired businesses, uninsured
losses, our ability to retain and attract senior management and
other key employees and other risks detailed from time to time in
the Company's Securities and Exchange Commission filings. Actual
results may differ materially from any forward-looking statements
set forth herein.
About World Fuel Services Corporation
Headquartered in Miami, Florida, World Fuel Services is a
leading global fuel logistics company, principally engaged in the
marketing, sale and distribution of aviation, marine and land fuel
products and related services on a worldwide basis. World Fuel
Services sells fuel and delivers services to its clients at more
than 6,000 locations in 200 countries and territories, including
airports, seaports, tanker truck loading terminals and other
customer storage locations. With 48 strategically located global
offices, World Fuel Services offers its clients a value-added
outsource service for the supply, quality control, logistical
support and price risk management of marine, aviation and land
fuel.
The Company's global team of market makers provides deep domain
expertise in all aspects of marine, aviation and land fuel
management. Aviation customers include commercial airlines, cargo
carriers, private aircraft and fixed base operators (FBO's), as
well as the United States and foreign governments. World Fuel
Services' marine customers include international container and
tanker fleets, cruise lines and time-charter operators, as well as
the United States and foreign governments. Land customers include
petroleum distributors, retail petroleum operators, and industrial,
commercial and government accounts. For more information, call
305-428-8000 or visit www.wfscorp.com.
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