Chairman and Chief Executive Officer: Michael J. Kasbar
World Fuel Services Corporation is a Fortune 100 company that is based in Miami, Florida. It provides marketing and financing of aviation, marine and ground transportation fuel products and related services to commercial and corporate aircraft, petroleum distributors and ships at more than 3,500 locations around the world.
In 1985, Paul Stebbins and Michael Kasbar founded Trans-Tec Services, Inc., a marine fuel brokerage company. It was headquartered in New York City. Over the next 10 years they grew the company and built a global network of offices. In 1995, Stebbins and Kasbar sold Trans-Tec to International Recovery Corporation.
International Recovery Corporation was founded in Miami in 1984 and went public on the New York Stock Exchange (NYSE:INT) in 1986. The company changed its name to World Fuel Services Corporation after acquiring Trans-Tec. Stebbins and Kasbar served as members of the board of directors and managed the marine business, prior to taking on the corporate positions they hold today. Since 2008, the company has made a series of acquisitions in its principal field, and related fields such as the ground fuel market and energy management.
In 2013, the company was named as a co-defendant in various lawsuits as owner of Bakken formation light crude oil aboard a Montreal, Maine and Atlantic Railway train which derailed in Lac-Mégantic, Quebec on July 6, 2013, killing an estimated forty-seven people and destroying much of the community's downtown.