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World Fuel Services Corporation has announced that during its regularly scheduled board meeting, held on August 26th, its board of directors approved the transition of Michael J. Kasbar to the position of president and chief executive officer effective January 1, 2012. Following the transition, Paul H. Stebbins, will remain as executive chairman.

"One of the most important responsibilities of a chief executive officer is ensuring effective succession in the enterprise," stated Stebbins, current chairman and chief executive officer of World Fuel Services. "Mike has been the thought-leader driving our strategic expansion and he is uniquely qualified to lead World Fuel through our next phase of growth. We have been partners for 27 years, and I will continue to support Mike's efforts by maintaining an active role in customer and supplier relationships, assisting in business development and representing the company at industry events around the world."

Commenting on the development, Kasbar, who is currently president and chief operating officer, said: "The past 10 years have been a time of extraordinary growth and transformation at World Fuel. The company has achieved an important level of organizational maturity and is now poised for a new level of strategic engagement in today's fast changing global market."

"The company will continue to benefit from Mr. Stebbins' leadership and experience through his service as both chairman of the board of directors of the company and as a member of the executive management team," the company said.