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, called for Streit's removal in January. Green Dot's stock price has fallen 71% since its initial public offering in 2010, according to Harvest.
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.