What You Need to Know About World Fuel Services CEO, Michael J. KasbarOctober 15, 2021
Michael J. Kasbar, the CEO of World Fuel services, is among the best business leaders in the world. CEOWORLD magazine ranks Kasbar as the 32nd most admired CEO across all industries worldwide. Michael, who is approaching 64, has had the chance to chair the board meetings since 2012.
Kasbar had aspirations of following a baking career in Brooklyn (his hometown) as a young man. However, he joined the fuel industry after his successful educational achievements in university. Kasbar attained a bachelor’s certificate in environmental science from SUNY Plattsburgh College.
Michael J. Kasbar’s career took off in 1977, where he worked as a fuel broker in the KPI company. He gained insight into the fuel industry through support and collaboration with colleagues. Kasbar’s ambitious nature saw him leave the company after five years to start his own.
Unfortunately, Kasbar lacked experience at the time to sustain his startup. The Gokal trading group, which offered fuel services, was unable to survive the third year. As a result, Kasbar needed to seek an alternative, having learned much from his failures.
In 1985, Kasbar was able to team up with Paul Stebbins to establish the Trans-Tech company. The company grew organically through a combined effort of four young investors. Trans-Tech company’s success fostered expansion to the international market.
In 1995, Trans-Tech was the largest independent fuel service company. Kasbar establishment had branches in London, Singapore, San Francisco, and New York. The International Recovery later acquired the Trans-Tech Company. These moves led to the establishment of World Fuel Services.
The World Fuel Services is a fuel marketing enterprise that finances fuel operations. The company also offers fuel optimizing solutions, logistics, and other related services. For instance, the company provides transportation solutions to customers and commercial insight.
The company’s 2019 income statement reveals that the gross profits were more than $1 Billion. The numbers are a clear indication of Kasbar’s effectiveness in leadership as a CEO. His extensive experience highly has contributed to the achievements made by the company.
Kasbar’s Contribution and Financial Analysis
Kasbar encourages collaboration within the company to deal with challenges. The CEO has also been the most active trader of the company stocks (amounting to $113,403,453).
Michael J. Kasbar’s net worth is about $79.6 million (excluding his stocks and other investments). With over 76,220 company stock units worth $30 million, Kasbar has sold $41 million worth of stocks. Kasbar’s compensation amounts to $7 million for his chairing duties with a salary of $900,000.
Michael J. Kasbar also enjoys other off-work activities like socializing and hiking. The CEO fancies motorcycle rides and touring the west with his acquaintances. Kasbar loves good food and drinks while in his ventures.