World Fuel will change board leadership at the end of the year, with founder Michael J. Kasbar set to step down as executive chairman on December 31, 2026, and independent director Ken Bakshi taking over as chairman.
Bakshi has been on the board since 2002, giving him 24 years of board service by the time the transition takes effect. The company said he brings more than three decades of international business, private equity and advisory experience.
Kasbar’s exit marks the end of more than four decades at the company. He co-founded Trans Tec Services in 1984, the marine fuel brokerage business that became the basis for World Fuel. Over that span, he served as chief executive officer and executive chairman and helped build the company into a Fortune 100 business.
The board emphasized the shift to an independent chair. Bakshi said the role would strengthen independent oversight and effectiveness, while CEO Ira Birns said the company will continue building on its existing foundation.
World Fuel said it operates in more than 200 countries and territories, supplying aviation, marine and ground transportation fuels along with complementary services. Following these announcements, the company's shares moved 0.37%, and are now trading at a price of $35.60. For the full picture, make sure to review WORLD KINECT CORP's 8-K report.
