Courtesy / WEX
Jay Dearborn
Updated: August 8, 2022
WEX creates new C-suite role and fills it from within
WEX Inc. (NYSE: WEX) has promoted Jay Dearborn to chief strategy officer, a new position at the Portland-based financial technology service provider.
Dearborn, who has led the company's corporate payments business since 2017, will oversee strategy and operational planning.
He will also have several responsibilities related to mergers and acquisitions, including deal origination, execution and integration, as well as government affairs and external communications.
"As we outlined at our Investor Day in March, WEX has a strong history of evolution, and today’s announcement represents our commitment to further streamlining our operations and accelerating our growth strategy,” said WEX CEO Melissa Smith, who also serves as the company's chair and president.
"I look forward to continuing to work with Jay in his new role, and I’m confident that his deep experience and strategic insights will help us unlock WEX’s next chapter of growth.”
WEX recently acquired Exxon Mobil Corp.'s Business Card portfolio and raised its full-year financial guidance amid higher-than-expected second-quarter results. WEX shares have a market capitalization of $7.34 billion, based on Friday's closing price of $166.14 a share. Shares are trading 5.8% lower than a year ago.
Since 2017, Dearborn has led WEX’s corporate payments business and served on its executive leadership team as president in charge of corporate payments. In his new role, Dearborn will continue to report directly to Smith and will remain on WEX's executive leadership team.
"We have tremendous positions in the markets in which we compete, great momentum in our business, and many of the best people in the industry,” Dearborn said. “I am humbled and excited to have the opportunity to help drive our focus and execute our strategic M&A priorities, while continuing to advance our mission of simplifying the business of running a business.”
Before joining WEX in 2016 as vice president of corporate strategy, Dearborn was a partner at global management consulting firm McKinsey & Co., advising clients in the U.S. and overseas.
Dearborn holds an MBA and a bachelor’s degree from the University of Pennsylvania’s Wharton School. He also has a master’s degree in law and diplomacy from Tufts University’s Fletcher School.
Dearborn is married to entrepreneur Nisha Dearborn, founder and CEO of a niche skin-care brand called Fresh Chemistry that was featured last year on the Mainebiz podcast "The Day That Changed Everything."
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