Two Green Dot Directors Resign; Preliminary Proxy Results Suggest Streit Will Stay
Just ahead of today’s annual shareholder meeting, two Green Dot board members—Timothy R. Greenleaf and Michael J. Moritz—resigned from their positions, according to an SEC filing. The move left two contested board seats vacant and the Pasadena, Calif.-based financial services provider announced that preliminary proxy voting results suggest that stockholders have elected Harvest Capital nominees Saturnino Fanlo and George W. Gresham to those seats. The company also expects Chairman and CEO Steve Streit will be re-elected based on preliminary voting results. As previously announced, the company will appoint an independent chairman, following today’s meeting.
The vote is subject to certification by IVS Associates Inc., the independent inspectors of election, and more information on the results of the annual meeting will be filed with the SEC next week, according to Green Dot.
Harvest Capital Strategies LLC began a public campaign to change Green Dot leadership in January. Although the investor, which holds more than 9 percent of Green Dot’s common stock, has called for Streit’s replacement, today’s preliminary results suggest its campaign will change the board makeup. Green Dot stock was trading down 1.75 percent at $23.06 as of 2 p.m. EDT. “Over the last several months, we have had the opportunity to meet and speak with many of our stockholders. We thank them for their valuable and constructive input throughout this process. We also look forward to working collaboratively with the new directors to drive long-term shareholder value. We are pleased and excited to welcome them to the board,” Green Dot said.
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