30 August 2011
Doral-based World Fuel Services Corp. has named Michael J. Kasbar president and CEO effective Jan. 1.
Sitting CEO Paul H. Stebbins is to remain with the company as executive chairman.
Kasbar is currently chief operating officer and a director for the fuel logistics company. He has been a director since 1995, and president and COO since summer 2002, according to a Forbes.com profile. Kasbar was an officer, shareholder and director of Trans-Tec Services, Inc., a marine fuel services company, prior to World Fuel Services 1995 acquisition of that company.
World Fuel reported second-quarter net incoming of $50.2 million, 35 percent above the $37 million income for the same period in 2010. Revenues nearly doubled from $4.4 billion a year ago to $8.71 billion. The company in early August also announced a new $250 million, five year loan at an initial rate of two percent and “amended and restate its existing $800 million credit facility and extended the mature date… to 2016,” according to a press release.