Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
Effective August 1, 2021, World Fuel Services Corporation (the “Company”) promoted Jose-Miguel Tejada to the position of Senior Vice President and Chief Accounting Officer. In this capacity, Mr. Tejada is responsible for overseeing the Company’s global accounting, income tax, regulatory and financial reporting, market risk and corporate finance functions.
Prior to his promotion, Mr. Tejada, age 46, served as the Company’s Senior Vice President, Core Finance since 2018 and previously served as the Company’s Vice President, Supply & Trading Finance from 2016 to 2018 and as Vice President, Global Product Control upon joining the Company in 2015. Prior to joining the Company, Mr. Tejada most recently served as the Head of Finance, Americas for Noble Group Limited from 2010 to 2015 where he oversaw the accounting, product control and financial planning and analysis functions. Prior to that, Mr. Tejada served nine years at Constellation Energy, Inc. from 2001 to 2010 in various controller and financial planning and analysis roles. Mr. Tejada holds a Bachelor's Degree in Management from Boston College and a Master's Degree in Business Administration from Cornell University.
In connection with this promotion, Mr. Tejada’s annual base salary was increased to $400,000, effective August 1, 2021 and he is entitled to receive a restricted stock unit award, effective August 10, 2021, with a grant date value of $50,000, which will vest in three equal annual installments beginning on August 10, 2022, subject to his continued service. He is also eligible to receive an annual performance bonus in an amount to be determined by the Company. Mr. Tejada’s target bonus for 2021 is 60% of his annual salary. Mr. Tejada has previously executed a confidentiality and non-competition agreement which remains effective.
Mr. Tejada is not a party to any arrangement or understanding regarding his appointment as principal accounting officer. Mr. Tejada has no family relationships with any director, executive officer, or person nominated or chosen by the Company to become a director or executive officer of the Company. Mr. Tejada is not a party to any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. Mr. Tejada has not entered into any material plan, contract, arrangement, or amendment in connection with his appointment as principal accounting officer.