Green Dot Adds Three Independent Directors
April 11 2016 - 7:00PM
Dow Jones News
Debit-card issuer Green Dot Corp., which has grappled with
activist investor Harvest Capital Strategies, said Monday that it
has named three independent directors to its board, effective
immediately.
Pasadena, Calif.-based Green Dot, which issues prepaid
MasterCard and Visa cards sold at retailers including CVS Health
Corp. and Walgreens Boots Alliance Inc., also said current
nonindependent director Samuel Altman had stepped down. With the
new appointments and the resignation, the board will expand by two
seats to 10 positions in total.
During a conference all in February, Steve Streit, the company's
CEO, said, "we announced that Green Dot would be expanding our
board and reaching out to our top shareholders to help us recruit
superstar board talent."
The three new directors are J. Chris Brewster, who most recently
served as chief financial officer of Cardtronics Inc.; Rajeev V.
Date, founder of Fenway Summer LLC, a venture investment firm; and
William I. Jacobs, chairman of Global Payments Inc.
In late January, Harvest, one of Green Dot's largest independent
shareholders, sent a letter to the board seeking immediate
leadership and board changes, citing "continued mismanagement and
value destruction."
Harvest holds 8.2% of Green Dot shares, according to FactSet.
Harvest has rejected previous invitations from Green Dot to
participate in a search for directors, insisting on its on slate of
nominees. A call seeking comment from Harvest wasn't immediately
returned.
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com
(END) Dow Jones Newswires
April 11, 2016 18:45 ET (22:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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