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World Fuel Services Corporation has announced today that Paul H. Stebbins [pictured] will step down as executive chairman of the board of directors immediately after the 2014 annual meeting of shareholders and the board of directors will appoint Michael J. Kasbar to the position of chairman of the board of directors in addition to his role as president and chief executive officer of World Fuel Services Corporation. Stebbins will continue to serve as a member of the board of directors.

Commenting on the news, Kasbar said: "I'd like to thank Paul for his many years of service and leadership. The company we built is in a great position for continued growth and I look forward to his thought partnership at a board level."

The annual meeting of shareholders was last year held on Friday, May 31.

Company shares

On April 7, Bunker Index informed readers that Stebbins had sold a significant number of company shares last week.

Stebbins sold 28,008 shares at a weighted average sale price of US$44.7335 and a combined value of US$1,252,895.87 on Friday, April 4.

Following the sale, the World Fuel Services executive chairman now has 303,626 common stock shares remaining in direct ownership, plus an additional 189,560 common stock shares in indirect ownership. At current market levels, this values his direct and indirect holdings at over US$22 million.

Stebbins stepped down as chief executive officer (CEO) of World Fuel Services in January 2012. The position was given to current CEO Michael Kasbar.