Green Dot Corp.'s longest-serving directors, Timothy Greenleaf and Michael Moritz, resigned from the board hours before they were to stand for re-election as the firm's largest shareholder wages a proxy fight.
Harvest Capital Strategies, which owns a 9.5 percent stake in Green Dot, targeted Greenleaf and Moritz along with founder and Chief Executive Officer Steven Streit when it started a public proxy battle earlier this year. Streit is now the company's sole nominee to fill three board seats at Monday's annual meeting, the Pasadena, California-based company said in a filing.
"While three directors will be elected at the annual meeting, this proxy statement is soliciting votes to elect the board's only nominee, Mr. Streit," the company said in the filing.
Greenleaf, who joined the board in January 2001, was chairman of the audit committee. He's a managing director at private equity firm Fairmont Capital Inc. and worked closely with bank regulators on behalf of Green Dot, the firm said in a proxy filing on April 19. Moritz, chairman and managing partner at Sequoia Capital Ltd., has been on the board since February 2003. He was most recently an independent director and regularly introduced the company to new business partners, Green Dot said in the filing.