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World Fuel Services Corporation (WFS) has announced that its president and chief executive officer, Michael J. Kasbar [pictured], entered into a pre-arranged, non-discretionary stock trading plan on September 13, 2013.

Under the plan, Kasbar may sell up to 180,000 shares of the company’s common stock, which represents approximately 17% of his holdings, as well as the net shares of common stock he will receive upon vesting of 13,828 shares of restricted stock and 26,817 restricted stock units in March 2014.

The plan stipulates that Kasbar may sell shares beginning on November 5, 2013 and ending on March 28, 2014.

In a document submitted to the U.S. Securities and Exchange Commission (SEC), WFS said that the sales were being made under the plan for diversification and tax planning purposes, as well as to reduce the number of shares of common stock Kasbar has pledged as collateral for a personal loan.

"The transactions under the plan will be publicly disclosed to the extent required under applicable securities laws, rules and regulations through Form 4 filings with the Securities and Exchange Commission. The company does not undertake to report Rule 10b5-1 plans that may be adopted by any of its officers or directors in the future, or to report any modifications or termination of any publicly announced trading plan, except to the extent required by law," WFS said in the SEC filing.

The pre-arranged, non-discretionary stock trading plan is pursuant to Rule 10b5-1 of the Securities and Exchange Act of 1934. Rule 10b5-1 permits individuals who are not in possession of material, non-public information at the time the plan is adopted to establish pre-arranged plans to buy or sell company stock. These plans allow individuals to achieve prudent and gradual asset diversification over time.