WEX announces CFO transition, raises profit forecast

File photo / Courtesy WEX WEX Inc. is a global financial technology service provider headquartered in Portland.

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WEX Inc. (NYSE: WEX), the Portland-based financial technology service provider, on Tuesday announced that it is changing its chief financial officer and has raised its financial guidance for the fourth quarter and full-year 2021.

The company, led by Chair and CEO Melissa Smith, is due to post its next earnings report in mid-February.

WEX said that Roberto Simon has stepped down as CFO effective Dec. 31, 2021, to pursue another opportunity. As the company searches for a successor, Simon will stay employed in an advisory role through the start of April, while Jennifer Kimball, currently WEX's chief accounting officer, has been appointed interim CFO, effective Jan. 1.

Kimball joined WEX in April 2019 and was promoted to chief accounting officer in August 2020.

“I look forward to leveraging Jen’s many years of financial leadership experience, and continuing to collaborate with her as we guide WEX in this next phase of growth,” Smith said in a news release. “The board and I are confident in her ability to lead our talented finance team while we conduct a search for a permanent CFO.”

To aid in the search for a new CFO WEX has enlisted Heidrick & Struggles. In addition to her role as Interim CFO, Kimball will continue as chief accounting officer.

Rosier outlook

WEX also raised its fourth-quarter and full-year financial guidance, citing a better-than-expected performance.

For the fourth quarter of 2021, the company now expects revenue in the range of $485 million to $495 million and adjusted net income in the range of $111 million to $115 million, or $2.45 to $2.55 per diluted share.

Full-year revenue is now projected to be in the range of $1.84 billion to $1.85 billion and adjusted net income in the range of $409 million to $413 million, or $9.01 to $9.11 per diluted share.

“We closed the year with positive momentum across our business, and I’m excited about our path forward as we enter 2022," Smith said. "I look forward to sharing more during our fourth quarter earnings call next month."

WEX shares were trading 3.7% higher Tuesday morning at $148.93 a share, putting the stock's current market value at around $6.7 billion.