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    WEX Inc (WEX)

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    WEX Inc. is a global commerce platform that simplifies business operations by offering tailored B2B payment and administrative solutions. The company provides services that address challenges in fleet management, corporate payments, and employee benefits administration. WEX's offerings include payment processing, transaction management, and software solutions designed to enhance efficiency and decision-making for businesses worldwide.

    1. Mobility - Provides payment processing, transaction management, and information services for fleets of all sizes, including small businesses, government fleets, and over-the-road carriers. Partners with major fuel retailers and supports efficient fleet operations.
    2. Benefits - Offers SaaS software for consumer-directed healthcare benefits, benefit enrollment, and custodial services for Health Savings Accounts (HSAs). Simplifies benefits administration for businesses, including many Fortune 1000 companies.
    3. Corporate Payments - Delivers global B2B payment solutions, enabling businesses to automate accounts payable, centralize purchasing, and manage spend. Focuses on eliminating paper-based transactions and streamlining supply chain processes.
    NamePositionExternal RolesShort Bio

    Melissa Smith

    ExecutiveBoard

    Chair, CEO, and President

    Board Member at Equifax Inc.

    Melissa Smith has been CEO since January 2014 and Chair since September 2019. She joined WEX in May 1997 and has held various leadership roles, including CFO.

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    Ann Drew

    Executive

    Chief Risk and Compliance Officer

    Chair of WEX Bank

    Ann Drew joined WEX in December 2014. She has held various compliance and risk management roles and is currently Chair of WEX Bank.

    Carlos Carriedo

    Executive

    Head of Americas Payments

    None

    Carlos Carriedo joined WEX in January 2022. Previously, he held senior roles at American Express, including General Manager for Commercial Services in Europe and Canada.

    Hilary Rapkin

    Executive

    Chief Legal Officer and Secretary

    Member of several professional organizations (e.g., ABA, ACC, NELF)

    Hilary Rapkin joined WEX in January 1996. She has held various roles, including General Counsel and Head of HR.

    Jagtar Narula

    Executive

    Chief Financial Officer (CFO)

    Board Member at Sterling Check Corp.

    Jagtar Narula joined WEX in May 2022. Previously, he was CFO at 3D Systems Corporation and held senior roles at Blackbaud, Xerox, and GE.

    Jay Dearborn Jr.

    Executive

    Chief Strategy Officer

    None

    Jay Dearborn joined WEX in 2016. He previously served as President of Corporate Payments and Vice President of Strategy.

    Jennifer Kimball

    Executive

    Chief Accounting Officer

    None

    Jennifer Kimball joined WEX in April 2019. She previously served as Interim CFO and held finance leadership roles at Syneos Health and PricewaterhouseCoopers.

    Karen Stroup

    Executive

    Chief Digital Officer

    Board Member at Driven Brands Holdings, Inc.

    Karen Stroup joined WEX in January 2022. She previously held leadership roles at Thomson Reuters, Capital One, and Intuit.

    Melanie Tinto

    Executive

    Chief People Officer

    None

    Melanie Tinto joined WEX in February 2018. She previously held HR leadership roles at Medtronic and Hewlett-Packard.

    Robert Deshaies

    Executive

    Chief Operating Officer, Americas

    None

    Robert Deshaies joined WEX in 2014 through the Evolution1 acquisition. He oversees mobility, benefits, corporate payments, and travel businesses in the Americas.

    Sachin Dhawan

    Executive

    Chief Technology Officer (CTO)

    None

    Sachin Dhawan joined WEX in December 2023. He previously held leadership roles at Stitch Fix, Visa, Blackhawk Network, PayPal, and Microsoft.

    Aimee Cardwell

    Board

    Director

    None

    Aimee Cardwell joined WEX in December 2023. She previously held senior technology leadership roles at UnitedHealth Group and American Express.

    Daniel Callahan

    Board

    Director

    Board Member at Scotiabank and Tata Consultancy Services, Non-Executive Chair at Time, Executive Partner at Bridge Growth Partners

    Daniel Callahan joined WEX in 2019. He previously served as Global Head of Operations and Technology at Citigroup.

    Derrick Roman

    Board

    Director

    Board Member at CommScope Holding Company, Public Governor at FINRA

    Derrick Roman joined WEX in 2021. He is a retired PwC partner with expertise in finance, risk management, and cybersecurity.

    Regina O. Sommer

    Board

    Director

    None

    Regina O. Sommer joined WEX in 2005. She has extensive experience in finance and governance, having served as CFO at multiple companies.

    Shikhar Ghosh

    Board

    Director

    Professor at Harvard Business School, Board Member at Evidence Action, Rescale Inc., and Flipside Crypto, Inc.

    Shikhar Ghosh has been a director at WEX since 2005. He is a professor at Harvard Business School and has extensive experience in technology and entrepreneurship.

    Susan Sobbott

    Board

    Director

    Board Member at Bambee and Ideas42, Trustee at Darden School of Business, Advisor to Women's Venture Capital Fund

    Susan Sobbott joined WEX in 2018. She previously held leadership roles at American Express, including President of Global Commercial Services.

    1. Given the increasing competition in the travel segment and customers' willingness to multisource, how confident are you that travel volumes will rebound, and what specific measures are you taking to retain market share and prevent further volume declines?

    2. With the Benefits segment's growth aligning more closely to market rates due to saturation in HSA adoption, how do you plan to outpace the market, and have you considered divesting this segment if it cannot deliver higher growth?

    3. Considering the deceleration in HSA account growth from double digits to mid-single digits, what strategies do you have to drive growth in the Benefits segment, and should we expect further moderation in this area?

    4. The guidance implies a margin decline of around 300 basis points year-over-year; can you elaborate on the long-term operating leverage of the business and how you plan to reverse this margin compression?

    5. With the revision of your long-term organic revenue growth target from 8%-12% to 5%-10%, can you provide more detailed expectations by segment, and explain how you plan to achieve growth at the higher end of this new range given the challenges in the travel and Benefits segments?

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    Payzer Holdings, Inc.

    2024

    Completed on November 1, 2023, this acquisition involved a total initial consideration of approximately $250.0 million (with an additional contingent payment settled at $5.6 million) and recorded $190.0 million of goodwill. It strategically expands WEX’s Mobility segment via a scalable SaaS solution, acquiring key intangibles such as customer relationships, developed technology, and trademarks.

    Ascensus Health & Benefits

    2023

    Completed on September 1, 2023, the deal was valued at around $182.3 million and included significant allocations for goodwill ($83.0 million) and other intangible assets. It fits strategically by enhancing WEX’s Benefits segment with technology-enabled health benefit solutions and boosting Affordable Care Act compliance capabilities.

    Indian Software Entity

    2023

    Completed on January 3, 2023, this acquisition was structured with a total consideration of $6.0 million (including a contingent payment structure) and involved acquiring approximately 180 employees to enhance WEX’s technological capabilities; it was accounted for as an asset acquisition with a workforce intangible asset valued at $8.1 million.

    PO Holding

    2022

    Finalized on March 7, 2022, this transaction involved acquiring the remaining 4.53% interest for a total purchase price of $234.0 million payable over several installments with interest components, which enabled WEX to consolidate full ownership and secure all economic benefits of PO Holding, the direct parent of WEX Health.

    No recent press releases or 8-K filings found for WEX.