World Kinect Corp. announced on Sept. 17 that founder Michael J. Kasbar will step down as executive chairman effective Dec. 31, with independent director Ken Bakshi appointed as his successor.
Kasbar co-founded Trans Tec Services, a marine fuel brokerage business launched in 1984, which formed the foundation for what became World Fuel Services and later World Kinect Corp. He has served as executive chairman since the company's formation.
Bakshi, who joined World Kinect's board in 2002, will take over the chairmanship role upon Kasbar's departure. Current CEO Ira Birns remains in place, overseeing daily operations at the Miami-based firm.
"Michael's contributions to World Fuel are extraordinary," Bakshi said. "His vision and entrepreneurial spirit helped build World Fuel into the company it is today." Kasbar added, "What makes me most proud today is not simply how far we have come, but the strength of our global platform and the culture and leadership team we have built." Birns similarly noted, "It is hard to separate Michael from the history of World Fuel. His foresight, determination and commitment to excellence have given us the foundation from which we will continue to build."
World Kinect provides aviation, marine and ground-based transportation fuels and related services across more than 200 countries and territories. It trades on the New York Stock Exchange under the ticker WKC.
Shares of WKC closed at $35.47 on Sept. 17, down $0.03 or 0.08%, and fell further in after-hours trading to $35.10, down $0.37 or 1.04%.
The transition marks the end of an era for the fuel-supply company Kasbar built from a small marine fuel brokerage into a global logistics and energy services business spanning hundreds of nations.
