SOUTH PORTLAND, Maine — The financial services company WEX Inc. said on Wednesday that CEO Michael Dubyak will hand off the company’s reins at the end of the year. The company also released its most recent financial results, showing positive gains in revenue and income.
Melissa Smith, 44, has been named president of WEX, effective immediately, and will assume the CEO title on Jan. 1, 2014. Dubyak, 62, will move into the newly created position of executive chairman of the company’s board, according to the company’s announcement.
WEX, formerly known as Wright Express, is a global provider of corporate payment solutions. It got its start in 1983 as a provider of fuel cards for vehicle fleets. The South Portland-based company has grown in recent years through a series of acquisitions. It currently employs roughly 1,300 people worldwide and 600 at its South Portland headquarters, according to Jessica Roy, a company spokeswoman.
Smith, a 16-year veteran of WEX, most recently served as president of WEX’s operations in the Americas.
Dubyak, who has been CEO for nearly 15 years, said he and the company’s board have been discussing succession plans over the past few years and “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,” Dubyak said. “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. … Her experience and domain expertise uniquely positions her to continue to drive the company’s momentum forward.”
WEX, which is traded on the New York Stock Exchange under the symbol WEX, also reported on Wednesday that its revenue for the first quarter of 2013 increased 18 percent to $165.4 million, from $140.1 million for the first quarter of 2012.
Its adjusted net income for the first quarter of 2013 increased 8 percent to $38.3 million, from $35.6 million for the same period a year ago. The company uses adjusted net income, as opposed to net income, as an important measurement because it excludes fuel-price derivative instruments, which the company purchases to hedge against the volatility of fuel prices.
The company is forecasting that its revenue for the full year will be in the range of $716 million to $736 million and adjusted net income to be in the range of $164 million to $170 million.