WEX to shed 30 Maine jobs and 150 globally amid 'realignment'

PETER VAN ALLEN WEX Inc., a payment systems firm, is based on Portland's East End.

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WEX Inc., the Portland-based payment-systems company, said Friday it will shed 150 jobs globally, including 30 in Maine.

WEX (NYSE: WEX) is a significant Maine employer, with roughly 1,100 employees. In 33 locations globally, it has 6,100 employees.

The company's official announcement didn't go into many details about planned cuts.

"To best position WEX for its next phase of growth, we are reorganizing certain roles and responsibilities to enable WEX to best serve customers, support employees, accelerate the pace of innovation, and continue to win in the market. While the right choice for WEX in the long run, today’s announcement affects a group of talented WEXers, which is difficult. We are committed to helping our people transition smoothly to their new roles, responsibilities and, in some cases, opportunities," Jessica Roy, vice president of external communications, said in an emailed statement.

A WEX source who asked not to be identified attributed the move to an ongoing realignment this year and not to company performance or economic conditions.

The realignment has included the addition of senior-level executives.

Employees affected by the reorganization will be eligible for various benefits, as well as outplacement services. There is no specific timeline for the job cuts, with the source characterizing it as an extended transition period.

Apart from the designated job cuts, this year WEX's Maine workforce has 150 new employees, while 2022 hiring at 33 global locations has totaled 1,500.

In mid-morning trading Friday, WEX shares were down 1.27%, to $137.15. It has a market capitalization of $6.06 billion. Over the past 52 weeks, shares have had a low of $123.01 and a high of $197.70.