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.
Harvest Capital Strategies in San Francisco will nominate the following candidates, for Green Dot's upcoming board election during its May annual meeting: Saturnino "Nino" Fanlo, chief financial officer of marketplace lender Social Finance; George Gresham, former CFO of NetSpend; and Philip Livingston, former CEO of Ambassadors Group and LexisNexis Web Based Marketing Solutions.
Harvest, which owns a 7.8% stake in the Pasadena, Calif., company,
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A large investor in the prepaid card pioneer Green Dot plans to nominate three directors to the prepaid card company's board, as the activist investor group seeks to remove founder and Chief Executive Steve Streit.
March 3 -
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
Green Dot issued a news release on Monday, saying that it's engaged "extensively" with Harvest "in a cooperative manner," and that it's "disappointed that Harvest Capital has shown no signs of compromise." Green Dot also invited Harvest to immediately appoint one director, and it called on a broader group of shareholders to submit additional nominees.
Streit also offered in the news release to take no additional equity compensation during the next two years and to work with Green Dot's compensation committee on aligning his salary with company performance objectives.
Before joining Social Finance, Fanlo was CFO at KKR Financial and treasurer at Wells Fargo. Gresham earlier was CFO at Global Cash Access. Livingston has been a director of Broadsoft Corp., Insurance Auto Auction, Cott Corp. and MSC Software.
