SOUTH PORTLAND, Maine--(BUSINESS WIRE)--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.