Green Dot has named three new directors, ignoring the slate of nominees recently proposed by the activist investor Harvest Capital Strategies.
Green Dot, in Pasadena, Calif., said Raj Date, Chris Brewster and William Jacobs were appointed independent directors. All three are veterans of the financial services industry, including Date, former deputy director of Consumer Financial Protection Bureau.
Harvest Capital, in San Francisco, last month nominated three financial services executives to Green Dot's board. Harvest Capital is seeking to oust Steve Streit as chief executive.
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The activist investor seeking to remove Steve Streit as chief executive of Green Dot will nominate three payments and financial services industry executives to the prepaid card company's board.
March 15 -
Steve Streit, who founded the prepaid card pioneer in 1999, is taking fire from an investment firm that owns 6.2% of the company.
January 25 -
Green Dot reported a larger fourth-quarter loss on higher employee compensation costs and said it will book an extra $11 million in expenses to roll out a new card product.
February 24
Harvest Capital had not issued a response to Green Dot's board appointments as of Monday night.
Harvest Capital, which owns a 7.8% stake in Green Dot, nominated Saturnino “Nino” Fanlo, chief financial officer of the marketplace lender Social Finance; George Gresham, former CFO of NetSpend; and Philip Livingston, former CEO of Ambassadors Group and LexisNexis Web Based Marketing Solutions.
Green Dot expanded its board from eight directors to ten, in order to add the new directors. Also, current director Samuel Altman will retire.
Date, 45, is founder and managing partner of the venture investment firm Fenway Summer. In addition to the CFPB, he has also worked for the Treasury Department, Deutsche Bank, Capital One Financial and McKinsey & Co.
Jacobs, 74, is chairman of Global Payments in Atlanta. He has also worked for MasterCard.
Brewster, 67, had been CFO for 12 years at Cardtronics in Houston, until he retired in February.
