Atlanta-based FLEETCOR Technologies, a publicly traded global business payments company, announced Thursday it was rebranding to Corpay, the name of one of its subsidiary brands.
The company said in a statement it was changing its name to better reflect the work it does in corporate payments, but that it will retain its existing go-to-market brands in its vehicle payments and lodging payments segments.
The new name takes effect on March 25, when the company’s New York Stock Exchange ticker symbol will change from FLT to CPAY.
It’s unclear if the company’s subsidiary, Corpay Cross-Borders Solutions, will be impacted by the rebranding. A FLEETCOR spokesperson did not respond to a request for comment.
FLEETCOR, headquartered in Buckhead near Lenox Square, has about 10,500 employees in more than 21 countries. Last year, the company’s total revenue surpassed $3.75 billion, with an adjusted net income of $1.26 billion, according to Securities and Exchange Commission filings.
The rebranding comes on the heels of a couple of controversies FLEETCOR has faced over the past few years. In 2019, the Federal Trade Commission sued the company, alleging it charged its customers hundreds of millions of dollars in hidden fees.
Last June, a U.S. district court judge for the Northern District of Georgia issued a permanent injunction against FLEETCOR that requires certain disclosures from the company and prohibits it from making deceptive claims about its products. FLEETCOR appealed the ruling and the case is still pending.
Last year also saw FLEETCOR sell its business in Russia, ending a controversial chapter in the company’s history. When Russia invaded Ukraine in early 2022, the company resisted calls to stop doing business in the country, putting it out of lockstep with other major U.S. companies, like Coca-Cola, that suspended Russian operations.
But last August, FLEETCOR announced it had sold its operations in Russia to an investment group in the country. In the company’s 2023 annual report, it said its total proceeds from the sale was $197 million.
The Atlanta Journal-Constitution and Report for America are partnering to add more journalists to cover topics important to our community. Please help us fund this important work at ajc.com/give
About the Author
