WEX Names Sara Trickett as Chief Legal Officer and Corporate Secretary

Rhea-AI Summary

WEX has appointed Sara Trickett as Chief Legal Officer and Corporate Secretary, effective June 4, 2024. She will succeed Hilary Rapkin, who is retiring but will remain with the company as an executive advisor until March 2025. Trickett, who has been with WEX since 2021, previously served as Acting General Counsel and Assistant Corporate Secretary. She brings extensive legal experience from her prior roles at Visa and Latham & Watkins. CEO Melissa Smith expressed confidence in Trickett's leadership as WEX continues its strategic goals. Rapkin, who joined WEX in 1996, significantly contributed to the company's growth including its IPO and generating approximately $2.55 billion in revenue for 2023.

Positive

• Sara Trickett's appointment as Chief Legal Officer indicates internal succession planning, which can be viewed positively by investors.
• Hilary Rapkin's transition to an executive advisor role ensures continuity and a smooth transition.
• WEX reported approximately $2.55 billion in 2023 full-year revenue, highlighting strong financial performance.
• Trickett brings a wealth of experience from previous roles at Visa and Latham & Watkins, enhancing WEX's legal team.
• CEO Melissa Smith's confidence in Trickett's abilities underscores stability in WEX's leadership.

Negative

• Potential uncertainty during the transition period could impact investor confidence.
• The retirement of Hilary Rapkin marks the end of a long tenure, which could lead to changes in leadership dynamics.
• Despite the positive tone, no new strategic initiatives or financial guidance were announced, which might concern some investors looking for future growth indicators.

Current Chief Legal Officer and Corporate Secretary Hilary Rapkin to Retire and Transition into Executive Advisor Role

PORTLAND, Maine--(BUSINESS WIRE)-- WEX Inc. (NYSE: WEX), the global commerce platform that simplifies the business of running a business, today announced that Sara Trickett, current Acting General Counsel and Assistant Corporate Secretary at WEX, has been appointed Chief Legal Officer and Corporate Secretary, effective June 4, 2024.

Trickett succeeds Hilary Rapkin, who is retiring as Chief Legal Officer and Corporate Secretary of WEX. To support an orderly transition, Rapkin will remain with the Company in an executive advisor role until March 3, 2025.

“I am pleased that Sara has been named as WEX’s next Chief Legal Officer and look forward to partnering with her as she takes on this new role,” said Melissa Smith, Chair, Chief Executive Officer, and President of WEX. “Having already served as Acting General Counsel and Assistant Corporate Secretary for the past several months, I am confident Sara is the right leader for WEX’s legal department as we continue to execute against our strategic priorities and deliver value for our customers and stockholders.”

Trickett, who will report to Smith, joined WEX in 2021 and has served in various leadership roles at the Company, including Deputy General Counsel and Vice President, Corporate Legal Services. Most recently, she served as Acting General Counsel. Prior to WEX, she held other senior legal roles at Visa and Latham & Watkins. She holds a J.D. and LL.M. from Duke University School of Law and a B.S. in Science, Technology, and International Affairs from Georgetown University.

“I also want to thank Hilary for her many contributions to WEX over her nearly three decades with the Company, including serving as our first general counsel, helping to create WEX Bank, and playing a critical role in launching our initial public offering in 2005,” continued Smith. “Hilary’s career at WEX has been extraordinary, and we are excited for her to transition to a well-deserved retirement.”

Since Rapkin joined WEX in 1996, she has played a pivotal role in the Company’s expansion into a publicly traded global payments company that reported approximately $2.55 billion in 2023 full-year revenue. In addition to serving as Chief Legal Officer, Rapkin also held other senior leadership roles, including Interim Chief Human Resources Officer and SVP, General Counsel. She has also been a champion for and supporter of WEX and its communities during her tenure, including leading the WEX Compassion Fund and establishing and serving as the executive sponsor of the Women of WEX employee resource group.

About WEX

WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential. For more information, please visit www.wexinc.com.

Forward-Looking Statements Disclaimer

This press release includes forward-looking statements, including statements regarding the appointment of the Company’s Chief Legal Officer, Corporate Secretary, and Executive Advisor and our expectations regarding their roles within the Company. Any statements in this press release that are not statements of historical facts are forward-looking statements. When used in this press release, the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “will,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results or performance to be materially different from future results or performance expressed or implied by these forward-looking statements, including the newly appointed executives’ ability to successfully fulfill or complete their roles, tasks, and responsibilities, if at all, as well as other risks and uncertainties identified in Item 1A of WEX’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 23, 2024, and subsequent filings with the SEC. The forward-looking statements speak only as of the date of this press release and undue reliance should not be placed on these statements. WEX disclaims any obligation to update any forward-looking statements as a result of new information, future events, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240604855144/en/

News media:

WEX

Julie Lydon, 415-816-9397

Julie.Lydon@wexinc.com

Investors:

WEX

Steve Elder, 207-523-7769

Steve.Elder@wexinc.com

Source: WEX

FAQ

When will Sara Trickett start as Chief Legal Officer at WEX?

Sara Trickett will start as Chief Legal Officer and Corporate Secretary at WEX on June 4, 2024.

What role will Hilary Rapkin transition to after retirement at WEX?

Hilary Rapkin will transition into an executive advisor role at WEX until March 2025 after her retirement.

What is WEX's reported revenue for 2023?

WEX reported approximately $2.55 billion in full-year revenue for 2023.

What previous experience does Sara Trickett have?

Before joining WEX, Sara Trickett held senior legal roles at Visa and Latham & Watkins.

Who will Sara Trickett report to in her new role at WEX?

Sara Trickett will report to Melissa Smith, WEX's Chair, CEO, and President.