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Wed 11 May 2016, 08:37 GMT

World Fuel Services CEO in $1.4m share sale


Michael J. Kasbar sold over 31,000 company shares at a weighted average sale price of $46.53.

The chairman, president and chief executive office (CEO) of World Fuel Services Corporation, Michael J. Kasbar [pictured], last week sold over 31,000 company shares, a filing with the U.S. Securities and Exchange Commission (SEC) shows.

On Friday, May 6, Kasbar disposed of 31,073 shares at a weighted average sale price of $46.53 and a combined value of $1,445,826.69. The prices of the multiple transactions ranged from $46.28 to $46.60 per share.

The World Fuel Services CEO now owns 858,031 common stock shares, which at current market levels values his holdings at over $39 million.

Share repurchase programme

World Fuel Services Corporation renewed its share repurchase programme in June 2015, authorizing the purchase of up to $100 million in common stock.

According to the company: "Share repurchases may be made from time to time in the open market or through privately negotiated transactions. The timing and amount of shares to be repurchased under the program will depend on market conditions, share price, securities law and other legal requirements and factors. The program does not require the purchase of any minimum number of shares, has no expiration date and may be suspended or discontinued at any time without prior notice."

Career

Kasbar co-founded Trans-Tec Services, Inc. in 1985, where he was officer, shareholder and director. From January 1995 to July 2002, he served as CEO of World Fuel Services Americas, Inc. (formerly Trans-Tec Services, Inc).

Between July 2002 and December 2011, Kasbar was president and chief operating officer (COO) of the company. He has served as chairman of the board since May 2014 and as president and CEO of World Fuel Services since January 2012.

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