WEX Inc.’s First-Quarter Profit Improves

Fleet payment processing company WEX Inc. said its first-quarter profit rose, and the company announced a CEO succession plan.

Net income increased to $28.7 million, or 73 cents a share, from $23.2 million, or 59 cents, a year ago, said WEX, which was previously known as Wright Express.

Revenue rose 18% to $165.4 million, at the top end of the South Portland, Maine, company’s guidance.

Separately, WEX appointed Melissa Smith as its president, and said she will also become CEO on Jan. 1, 2014.

Michael Dubyak will remain chairman and CEO during the transition period and will then move into the newly created role of executive chairman.