World Kinect Corporation (WKC), operating as World Fuel, Thursday (17 September) announced that Michael J. Kasbar will step down as Executive Chairman and independent director Ken Bakshi has been appointed Chairman of the Board. The changes will be effective 31 December. Kasbar co-founded Trans Tec Services in 1984, the marine fuel brokerage business whose acquisition laid the foundation for what we know today as World Fuel. Over more than four decades with the company, including as Chief Executive Officer and Executive Chairman, he helped transform World Fuel from a startup into a Fortune 100 company and a global leader in energy management. “Michael’s contributions to World Fuel are extraordinary,” said Ken Bakshi. “His vision and entrepreneurial spirit helped build World Fuel into the company it is today. On behalf of the Board, I want to thank Michael for his decades of service and his unwavering commitment to our company’s mission and its stakeholders. I am honored to assume the role of Chairman and look forward to working closely with Ira Birns, our Chief Executive Officer, the Board and the management team as World Fuel continues to strengthen its global market position and create long-term shareholder value.” “When we started this company more than four decades ago, we set out to build an organization that could evolve alongside our customers and adapt to changing markets,” said Kasbar. “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. Throughout our history, World Fuel has consistently innovated and expanded its capabilities, finding new ways to create value for customers and shareholders. I have worked closely with Ira and our executive team for many years and have great confidence in their ability to build on the momentum already underway, capitalize on the opportunities ahead, and lead the company through its next chapter.” Birns added, “It