WKC 8-K
World Kinect Corp (WKC)
8-K
2026-09-17
For: 2026-09-15
View Original
Added on
September 17, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): September 15, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||
Registrant’s telephone number, including area code: (305 ) 428-8000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 17, 2026, World Kinect Corporation (the "Company") announced that Michael J. Kasbar would step down from his position as the Company's Executive Chairman, effective December 31, 2026, and that the Board of Directors of the Company (the "Board") appointed Ken Bakshi as independent chair of the Board, effective December 31, 2026.
Pursuant to Mr. Kasbar's employment agreement with the Company, which expired on December 31, 2025, Mr. Kasbar will receive the severance payments and benefits, as previously described in the Company’s definitive proxy statement filed with the U.S. Securities and Exchange Commission on April 28, 2026, which became payable upon such expiration and non-renewal but were not paid while he continued to be employed by the Company, subject to his compliance with certain restrictive covenants for two years following his cessation of service as Executive Chairman of the Company.
Mr. Kasbar stepping down was not a result of any disagreement with the Company on any matter relating to the Company's operations, practices or policies. Mr. Kasbar will continue to serve as a member of the Board.
Mr. Bakshi has served on the Board since 2002 and brings more than three decades of executive leadership, investing and advisory experience.
Item 7.01. Regulation FD Disclosure.
A copy of the Company's press release announcing the above Board leadership transition is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information furnished pursuant to Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 hereto, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Description | ||||
| Press Release Announcing Board Leadership Transition, dated September 17, 2026 | |||||
| 104 | Cover Page Interactive Data File, formatted in inline XBRL | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Date: September 17, 2026 | World Kinect Corporation | |||||||
/s/ Jeffrey Weissman | ||||||||
Jeffrey Weissman | ||||||||
| Corporate Secretary | ||||||||
Exhibit 99.1
World Fuel Announces Board Leadership Transition
Founder Michael J. Kasbar to step down as Executive Chairman; Ken Bakshi appointed Independent Chairman
MIAMI, September 17, 2026 – World Kinect Corporation (NYSE: WKC), operating as World Fuel, today announced that Michael J. Kasbar will step down as Executive Chairman and that independent director Ken Bakshi has been appointed Chairman of the Board. The changes will be effective December 31, 2026.
Kasbar co-founded Trans Tec Services in 1984, the marine fuel brokerage business whose acquisition laid the foundation for what we know today as World Fuel. Over more than four decades with the Company, including as Chief Executive Officer and Executive Chairman, he helped transform World Fuel from a startup into a Fortune 100 company and a global leader in energy management.
"Michael's contributions to World Fuel are extraordinary," said Ken Bakshi. "His vision and entrepreneurial spirit helped build World Fuel into the company it is today. On behalf of the Board, I want to thank Michael for his decades of service and his unwavering commitment to our company's mission and its stakeholders. I am honored to assume the role of Chairman and look forward to working closely with Ira Birns, our Chief Executive Officer, the Board and the management team as World Fuel continues to strengthen its global market position and create long-term shareholder value."
"When we started this company more than four decades ago, we set out to build an organization that could evolve alongside our customers and adapt to changing markets," said Kasbar. "What makes me most proud today is not simply how far we have come, but the strength of our global platform and the culture and leadership team we have built. Throughout our history, World Fuel has consistently innovated and expanded its capabilities, finding new ways to create value for customers and shareholders. I have worked closely with Ira and our executive team for many years and have great confidence in their ability to build on the momentum already underway, capitalize on the opportunities ahead, and lead the company through its next chapter."
Birns added, "It is hard to separate Michael from the history of World Fuel. His foresight, determination and commitment to excellence have given us the foundation from which we will continue to build. On behalf of our employees and management team, I want to thank Michael for his leadership and support. Ken's experience and perspective will be invaluable as we build on World Fuel's strong foundation and pursue the opportunities ahead."
Mr. Bakshi has served on World Fuel's Board of Directors since 2002 and brings more than three decades of international business, private equity and advisory experience. Throughout his career, he has served as a public-company executive, founder and entrepreneur, with leadership experience spanning the energy, healthcare, technology and business services sectors. Together with more than 20 years of service on the Board, Mr. Bakshi’s broad business experience, strategic perspective and deep knowledge of World Fuel position him well to serve as Chairman. The Board believes that an independent Chair strengthens the Board's independent oversight and effectiveness.
About World Fuel
Headquartered in Miami, Florida, we are a leading global provider of aviation, marine and ground-based transportation fuels and complementary services. Through an integrated global supply and logistics network, we source and distribute products and services to meet customer needs across more than 200 countries and territories throughout the world, including lower-carbon fuels to support customers' energy-transition objectives. In the United States, we also market natural gas and related solutions.
For more information, visit www.world-kinect.com.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the federal securities laws. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. World Fuel undertakes no obligation to update any forward-looking statements, except as required by law.