8-KLeadership ChangesExhibits & Filings

CORPAY, INC. 8-K Report, Executive Changes (Mar 1, 2022)

Filed March 1, 2022For Securities:CPAY

Summary

Corpay, Inc. (CPAY), through its parent company FLEETCOR Technologies, Inc., announced a significant executive change on March 1, 2022, with the departure of John Coughlin, Group President – Corporate Payments. While Mr. Coughlin will transition to a senior advisor role to ensure a seamless handover, his departure marks a shift in the leadership structure for the Corporate Payments segment. In response to this change, FLEETCOR has appointed Mark Frey as Group President of Corpay Cross-Border and Rick Fletcher as Group President of Corpay Payables. Both executives will now report directly to FLEETCOR's CEO, Ron Clarke. This restructuring aims to maintain operational continuity and leverage the existing expertise of Frey and Fletcher to continue growing the respective business units.

Key Highlights

  • 1John Coughlin, Group President – Corporate Payments, has departed from FLEETCOR/Corpay.
  • 2John Coughlin will remain with the company as a senior advisor to facilitate a smooth transition.
  • 3Mark Frey has been appointed Group President, Corpay Cross-Border, with his responsibilities largely remaining the same.
  • 4Rick Fletcher has been appointed Group President, Corpay Payables, with an expanded scope including AP outsourcing offerings.
  • 5Both Mark Frey and Rick Fletcher will report directly to Ron Clarke, FLEETCOR's CEO.
  • 6The company expressed gratitude for John Coughlin's 12 years of contributions.
  • 7The management expressed confidence in Mark Frey and Rick Fletcher to lead and grow the Corporate Payments business.

Frequently Asked Questions

John Coughlin's departure as Group President – Corporate Payments is being managed through a transition to a senior advisor role, ensuring continuity. Mark Frey and Rick Fletcher will take over leadership of Corpay Cross-Border and Corpay Payables, respectively, reporting directly to the CEO, indicating a streamlined reporting structure for these key segments.

Mark Frey has been appointed Group President, Corpay Cross-Border, with his existing leadership and responsibilities continuing. Rick Fletcher has been appointed Group President, Corpay Payables, and his role has been expanded to encompass AP outsourcing offerings in addition to his current responsibilities in multi-card and virtual card solutions.

The filing states that John Coughlin is leaving to 'pursue other opportunities'. He will continue to support the company in a senior advisor capacity during the transition period.

Following John Coughlin's departure, the Corporate Payments business will be managed by two separate leaders, Mark Frey for Corpay Cross-Border and Rick Fletcher for Corpay Payables. They will both report directly to Ron Clarke, the CEO of FLEETCOR, who also indicated he will be working more closely with these businesses during the transition.