WEX Inc. Announces CEO Succession Plan
WEX Inc. (NYSE: WEX), a leading provider of corporate payment solutions,
today announced a management transition plan in accordance with the
Board of Directors’ longstanding succession planning process. To ensure
a seamless transition and allow the executive management team to
maintain its focus on executing the Company’s long-term strategic plan,
the transition will be implemented in two phases.
Effective immediately, Melissa D. Smith, 44, has been appointed
president of WEX Inc. On January 1, 2014 she will become chief executive
officer in addition to maintaining her role as president and assuming a
seat on the Board of Directors. Michael E. Dubyak, 62, will remain
chairman and chief executive officer during this transition period and
will then move into the newly created role of executive chairman of the
Board.
Mr. Dubyak, chairman and chief executive officer of WEX Inc., said,
“Over the past few years, the Board and I have focused on developing a
succession plan that enables us to drive continued growth in our
business while ensuring a seamless transition of leadership. We feel
fortunate to have identified what we believe is the natural successor in
Melissa Smith. I have had the pleasure of working closely with Melissa
for the past 16 years. During that time, she has excelled in various
positions of increasing responsibility across all areas of the Company
and has established a proven track record of leadership, most recently
as president, The Americas. Her experience and domain expertise uniquely
positions her to continue to drive the Company’s momentum forward.”
“Michael Dubyak has been a driving force in establishing WEX’s
leadership position, diversifying its business model and building its
global footprint,” commented Rowland T. Moriarty, vice chairman and lead
independent director. “Michael has dedicated the better part of three
decades to building WEX into what it is today and we are fortunate to
have his guidance, passion and commitment during this transition period.
As we look to the exciting opportunities that lie ahead for the Company,
we are confident in Melissa Smith’s ability to lead WEX into its next
chapter of growth.”
Ms. Smith joined WEX in 1997 and most recently served as president, The
Americas, with oversight for the strategy and execution of WEX’s
operations in The Americas. She brings 16 years of experience in the
payments space and has held various positions of increasing
responsibility across all facets of the Company including finance,
operations, international, and general management. Ms. Smith has been a
member of the WEX’s senior leadership team for the past 12 years and as
former chief financial officer, played a key role in taking the Company
public and developing relationships with the investment community. As
president, Ms. Smith will be responsible for the day-to-day operations
of WEX on a global basis. During the transition period, she will also
work closely with Mr. Dubyak to oversee the execution of the Company’s
strategic initiatives, as well as strategic planning for 2014 and
beyond, which she will develop and manage.
About WEX
WEX Inc. (NYSE: WEX) is a leading provider of corporate payment
solutions. From its roots in fleet card payments beginning in 1983, WEX
has expanded the scope of its business into a multi-channel provider of
corporate payment solutions representing more than 7.6 million
cardholders and offering exceptional payment security and control across
a wide spectrum of business sectors. The Company’s operations include
WEX Bank, Fleet One, Pacific Pride, rapid! PayCard, Wright Express
Prepaid Cards Australia, Wright Express Fuel Cards Australia, Wright
Express New Zealand and CorporatePay Limited, England, as well as a
majority equity position in UNIK S.A., Brazil. WEX and its subsidiaries
employ more than 1,300 associates. For more information about WEX,
please visit www.wexinc.com.
