B2B Payments

Meet WEX’s New CFO

Commercial card and payments company WEX has welcomed a new chief financial officer to its group. The company announced late last week that Roberto Simon has been appointed CFO and that he will take his post around the end of February.

[bctt tweet=”Roberto Simon has been appointed WEX CFO.”]

According to a company statement, WEX’s existing CFO, Steve Elder, will stay at the company and take on a new position created for him: senior vice president of investor relations.

WEX said the new position is part of its efforts to expand globally through its M&A strategy.

“Roberto’s business acumen, international experience and track record of supporting growth organically and through M&A, position him well to help us advance our strategic priorities. I am confident that he will prove to be a valuable business partner and a great addition to our team,” said WEX President and CEO Melissa Smith in a statement.

Simon will join WEX from Revlon, where he served as CFO and executive vice president. According to reports, prior to that position, he was senior vice president of global finance at the company, a role in which he oversaw Revlon’s M&A integration activity.

In a statement, Simon said he is “very pleased” about his new position and “excited to work closely with WEX’s talented executive leadership team to help the company achieve its next stage of growth.”

WEX has made several high-profile acquisitions in recent months, including the buyout of fleet card and technology firm Electronic Funds Source only a few weeks ago, as well as the takeover of health care payments company Benaissance just a few days prior to the EFS deal.

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The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.