Harvest Capital Strategies, one of the biggest investors in Pasadena prepaid debit-card issuer Green Dot Corp., is seeking an immediate replacement for that company’s chairman and president, Steve Streit, according to Reuters.
In a letter to Green Dot’s board, Harvest explained that Streit needed to be replaced due to his persistently poor performance, misleading and inconsistent investor communications and inability to deliver on promises to shareholders.
In a press release issued later on Monday, Green Dot expressed it was pleased with Streit’s performance and that his leadership was pushing the company forward.
“Under Steve Streit’s leadership, Green Dot has established a strong competitive position against existing and numerous new competitors, renewed a long term contract with its largest customer, made several highly accretive acquisitions and positioned its business in full alignment with key current and pending regulatory changes, which could potentially have severe effects on Green Dot's competitors,” the statement said.
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