WEX (NYSE: WEX) announced that its board of directors has appointed independent director David Foss as chair of the board, effective immediately, according to a company statement.

The appointment implements the board's previously announced plan to separate the roles of chair and chief executive officer. Melissa Smith will continue serving as CEO, president, and board member.

"I am honored to serve as Chair of the Board," Foss said in the statement. "The Company has built a strong foundation, differentiated market position, and a talented leadership team focused on driving long-term growth."

WEX, based in Portland, Maine, operates as a payment solutions company serving businesses globally. The leadership change represents a governance restructuring at the company, which trades on the New York Stock Exchange.

The company did not provide additional details about the timeline for the separation or specific reasons for the governance change in its announcement.