World Kinect’s board will change hands at the end of the year, with founder Michael J. Kasbar stepping down as executive chairman on Dec. 31, 2026, and independent director Ken Bakshi taking over as chairman.
Kasbar has been tied to the company for more than four decades. He co-founded Trans Tec Services in 1984, the marine fuel brokerage business that later became part of what is now World Fuel. He served as chief executive officer and executive chairman over the years as the company grew into a Fortune 100 business.
Bakshi has been on World Fuel’s board since 2002, giving him 24 years of board service by the time the transition takes effect. He also brings more than three decades of experience in international business, private equity and advisory roles.
CEO Ira Birns said Bakshi’s experience and perspective will support the next phase of the company’s development. Kasbar said he has confidence in Birns and the executive team to continue building on the company’s momentum.
The company said the move will leave it with an independent chairman, a structure the board said strengthens oversight. World Fuel operates in more than 200 countries and territories, supplying aviation, marine and ground transportation fuels, along with related services and lower-carbon fuels. Today the company's shares have moved 0.37% to a price of $35.60. For the full picture, make sure to review WORLD KINECT CORP's 8-K report.
