Paul H. Stebbins
About Paul H. Stebbins
Independent director of World Kinect Corporation; age 68; director since 1995. Chairman Emeritus since May 2014; previously Executive Chairman (Jan 2012–May 2014), Chairman & CEO (2002–2011), President & COO (2000–2002); co-founded Trans‑Tec Services with Michael Kasbar in 1985. Serves on First Solar’s board since 2006; currently chairs its nominating and governance committee and sits on audit and compensation committees. Skills emphasize energy industry, commodities trading, corporate governance, finance, capital markets, international operations and management .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| World Kinect Corporation | Chairman Emeritus | May 2014–present | Ongoing strategic oversight; long-tenured company leader |
| World Kinect Corporation | Executive Chairman | Jan 2012–May 2014 | Transition leadership following CEO tenure |
| World Kinect Corporation | Chairman & CEO | Jul 2002–Dec 2011 | Led corporate growth and operations; energy sector expertise |
| World Kinect Corporation | President & COO | Aug 2000–Jul 2002 | Operational leadership across segments |
| World Fuel Services Americas (Trans‑Tec) | President & COO | Jan 1995–Aug 2000 | Marine fuel services operations |
| Trans‑Tec Services, Inc. | Officer, shareholder, director (co‑founder) | 1985–1994 | Global marine fuel services; co‑founded with Kasbar |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| First Solar, Inc. (NASDAQ: FSLR) | Director | Dec 2006–present | Chair, nominating & governance; member, audit and compensation |
| Amigos de las Americas Foundation | Board of Advisors | Current | Advisory role |
| Silkroad (founded by Yo‑Yo Ma) | Board of Advisors | Current | Advisory role |
| FixUSNow | Founding member | Current | Civic engagement |
| Council on Foreign Relations | Member | Current | Policy network |
Board Governance
- Independence: Classified as an independent director under NYSE standards; all standing committees are composed and chaired by independent directors .
- Committee assignments: Member, Sustainability & Corporate Responsibility Committee (meets quarterly; 4 meetings in 2024) .
- Attendance: Board met 4 times in 2024; each director attended at least 75% of aggregate Board and applicable committee meetings; directors expected to attend shareholder meetings .
- Board leadership: Combined Chair/CEO structure with strong Lead Independent Director (Roddenberry) presiding over executive sessions; super‑majority independent board; robust governance processes .
- Cybersecurity and risk oversight: Board delegates cyber oversight to Audit and Technology & Operations Committees; sustainability oversight led by Sustainability & Corporate Responsibility Committee .
Fixed Compensation
| Component | Amount/Term | Notes |
|---|---|---|
| 2024 fees earned (cash) | $107,847 | Individual cash compensation for 2024 |
| 2024 stock awards (RSUs) | $175,019 | Grant date fair value; annual director RSU grant |
| 2024 total director compensation | $282,867 | Sum of cash plus stock awards |
| Standard annual Board retainer | $100,000 | All non‑management directors |
| Lead Independent Director fee | $40,000 | Additional |
| Committee membership fees | Audit: $15,000; Compensation: $10,000; Tech & Ops: $10,000; Sustainability: $10,000; Nominating Subcommittee: $5,000 | Per committee served |
| Committee chair fees | Audit: $35,000; Compensation/Tech & Ops: $30,000; Governance/Sustainability: $20,000; Nominating Subcommittee: $15,000 | Additional for chairs |
| Director RSU practice | $175,000 RSUs per director; additional $10,000 RSUs for Governance Committee members; chair RSU increments for certain committees | RSUs vest by next annual meeting or one year |
Performance Compensation
| Equity Grant | Grant Size | Vesting | Settlement Timing |
|---|---|---|---|
| 2024–2025 Director RSU grant | 6,607 RSUs | Vest on earlier of day prior to next annual meeting or one year from grant | Shares to be delivered in June 2025 |
Directors do not receive performance‑based equity (no options granted in 2024; director RSUs are service‑based with annual vesting) .
Other Directorships & Interlocks
- Current public company board: First Solar, Inc.; chair of nominating & governance; member of audit and compensation committees .
- Interlocks: Compensation Committee reported no interlocks or insider participation in 2024; Stebbins is not listed on the Compensation Committee . No related party transactions reported in 2024 .
Expertise & Qualifications
- Skills: Accounting/Finance; Energy Industry; Commodities Trading; Corporate Governance/Other Public Company Directorships; Investment Banking/Capital Markets; International Operations; Human Capital/Talent Management; Management .
Equity Ownership
| Holder | Beneficial Ownership (#) | Percent of Outstanding (%) | Notes |
|---|---|---|---|
| Paul H. Stebbins | 127,461 | * | Includes 6,607 shares issuable upon RSU settlement; reflects 72,326 shares held by an irrevocable trust for which Stebbins serves as trustee; percent less than 1% of shares outstanding . |
| Ownership Policy | Requirement | Compliance |
|---|---|---|
| Director Stock Ownership Guidelines | Accumulate at least 5× annual Board fee ($500,000) within 5 years | All non‑management directors are in compliance; vested RSUs and deferred stock units count toward compliance |
- Hedging/pledging: Company prohibits hedging and short sales; discourages pledging; any pledges require pre‑approval and pledged shares do not count toward ownership requirements .
Governance Assessment
- Strengths: Independence affirmed under NYSE; committee work centered on sustainability oversight with quarterly updates; robust director ownership guidelines with full compliance; no reportable related‑party transactions; improved say‑on‑pay support in 2024 (~91%), signaling constructive shareholder engagement and governance responsiveness .
- Watch items: Very long tenure (director since 1995) and prior executive roles could attract scrutiny on practical independence despite formal classification; however, Board carries a super‑majority of independent directors and utilizes executive sessions led by the Lead Independent Director to mitigate dominance risks .
- Compensation alignment: Director pay uses a balanced cash/equity mix with annual service‑based RSUs and clear vesting; no options/repricing and strong equity retention and anti‑hedging policies support alignment with shareholders .