Green Dot Corp. CEO Will Likely Keep Board Seat

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Green Dot Corp. Chief Executive Steven Streit will likely be re-elected to his company’s board, according to a preliminary vote count from Monday’s annual stockholders meeting, the company announced this morning.

Longtime board members Timothy R. Greenleaf and Michael J. Moritz resigned on Sunday, according to the Green Dot statement.

The Pasadena financial technology firm also expected that Social Finance Inc. Chief Financial Officer Saturnino Fanlo and former NetSpend Chief Financial Officer George W. Gresham, both nominated by activist investor Harvest Capital Strategies are expected to be elected to the board.

Harvest, a San Francisco investment firm with $2.3 billion in assets and a more than 9 percent stake in Green Dot, has criticized the company’s stewardship and Streit’s management. Among other things, Harvest complained Green Dot fell short of financial forecasts in three of the last four years and mishandled the discontinuation of its popular MoneyPak product before reintroducing it last month.

“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,” wrote Green Dot in a statement.

In addition to the months-long proxy fight with Harvest, Green Dot found itself in hot water last week as customers took to social media complaining that they couldn’t access their funds loaded on the firm’s Walmart-brand prepaid cards.

The company said it will publish further details from the meeting in a regulatory filing next week.

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