World Kinect Corporation (NYSE: WKC) announced a leadership transition on September 17, 2026, effective December 31, 2026. Michael J. Kasbar, the company's Executive Chairman, will step down from the role, and the Board of Directors has appointed independent director Ken Bakshi as the new Chairman.
Kasbar, who co-founded the company in 1984, will continue to serve as a member of the Board. The filing states that his departure is not the result of any disagreement with the Company regarding its operations, practices, or policies. Kasbar’s employment agreement expired on December 31, 2025, and he will receive severance payments and benefits previously disclosed in the Company's April 28, 2026 proxy statement, subject to compliance with certain restrictive covenants for two years following his service as Executive Chairman.
Ken Bakshi has served on the Board since 2002 and brings more than three decades of executive leadership, investing, and advisory experience. The Company stated that his broad business experience and deep knowledge of World Kinect position him well for the role. The Board believes that an independent Chair strengthens the Board's independent oversight and effectiveness.
In a statement regarding the transition, Ken Bakshi expressed his honor at assuming the role and noted his confidence in the current management team, led by Chief Executive Officer Ira Birns. Ira Birns also commented on the transition, stating that Michael Kasbar’s foresight has provided the foundation for the company's continued growth.
World Kinect is a leading global provider of aviation, marine, and ground-based transportation fuels and complementary services. The company operates an integrated global supply and logistics network across more than 200 countries and territories.
