WEX, a global commerce platform, announced upcoming changes to the composition and leadership of its Board of Directors. David Foss, formerly President and CEO of Jack Henry & Associates, will assume the role of Vice Chair and Lead Independent Director, effective as of the Company’s 2026 Annual Meeting of Stockholders. Concurrently, Shikhar Ghosh and Jack VanWoerkom will retire from the Board at the same annual meeting, resulting in a ten-member Board thereafter.
The Board’s ongoing evolution is part of a plan to support thoughtful renewal and an orderly transition of independent director leadership. This strategy aims to ensure the Board remains well-positioned to oversee emerging risks and capitalize on opportunities to create long-term value, incorporating feedback from ongoing engagement with stockholders.
Melissa Smith, WEX’s Chair, Chief Executive Officer, and President, stated that ensuring effective long-term oversight is a critical responsibility of the Board. She noted that the announced changes represent the next phase of the Board’s deliberate evolution in response to the rapid changes within the business and industry. Ms. Smith also acknowledged the contributions of Mr. Ghosh and Mr. VanWoerkom, crediting them for overseeing WEX’s transformation from a fleet services business into a global payments and technology company. Their insights into technology, strategy, leadership, and institutional knowledge were instrumental in the company’s growth to serve over 600,000 customers.
David Foss, the incoming Vice Chair and Lead Independent Director, expressed his long-standing admiration for WEX’s consistent growth, profitability, and commitment to innovation. Having joined the Board in November, Mr. Foss sees significant opportunities for WEX to leverage its scale, infrastructure, and payments expertise to deliver compelling solutions for customers and strong returns for stockholders. He highlighted the complementary nature of WEX’s businesses and the company’s promising future with its current strategy.
In his new role, Mr. Foss stated that the Board will maintain its focus on ensuring WEX has a strong leadership team aligned with stockholders, an optimal business configuration, effective investor communications, and a value-accretive capital allocation plan. He affirmed his commitment to working with his fellow directors and the leadership team to create enduring value for all stakeholders. Ms. Smith concluded by noting WEX’s strong financial performance in the most recent quarter and expressed optimism for its prospects, to be discussed on an upcoming earnings call.
