Green Dot to Separate Chairman, CEO Jobs Amid Proxy Fight
- Prepaid-card firm to appoint Harvest Capital nominee to board
- Board says it’s ‘taking decisive steps’ to improve governance
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Green Dot Corp., the prepaid debit-card company, agreed to split the roles of chairman and chief executive officer amid a proxy fight with its largest shareholder.
Green Dot will name an independent chairman after its May 23 annual meeting to satisfy the recommendation of proxy-advisory firm Glass Lewis & Co., the Pasadena, California-based company said Monday in a statement. Founder Steven Streit currently fills both roles. Green Dot also plans to appoint George Gresham, a nominee of investor Harvest Capital Strategies LLC, to its board, according to the statement.