Prepaid debit card firm Green Dot Corporation has announced the two likely new members elected to its Board of Directors as the company continues a shakeup at the top following a tussle with one of its largest shareholders, Harvest Capital Strategies.
The company said Monday (May 23) that Saturnino Fanlo and George W. Gresham are expected to join the board, while Green Dot added that it expects founder Steven Streit to be reelected to the board, following a preliminary assessment of shareholder voting.
Shareholders held a vote at the firm's annual meeting, which also saw the passage of all other proposals submitted for stakeholder voting and approval.
Just hours before the vote, reports said the company's longest-serving members of the board, Timothy Greenleaf and Michael Moritz, announced their resignation, forfeiting their chance for reelection.
Earlier this month, proxy advisory firm Glass Lewis & Co. recommended to Green Dot that it split the roles of chairman and chief executive officer, both held by founder Steven Streit.
Harvest Capital reportedly recommended both Gresham and Fanlo to join the board, a move Glass said it supported. The advisors, however, added that they did not support Harvest Capital's suggestion that Streit be removed from the role of CEO at the company.
"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," the Green Dot Board of Directors said in a statement. "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 is expected to reveal the official results of the vote, along with the results of other submitted proposals, in its Securities and Exchange Filing next week, the company added.
In its statement, the Board of Directors added that it is "exceptionally grateful" to Greenleaf and Moritz for their service and time on the board.
"They have made significant contributions to the company and in many ways have been instrumental in Green Dot's success," the statement read.
Harvest Capital Managing Director Jeff Osher issued a statement following Green Dot's announcement: "We want to thank our fellow shareholders for their tremendous support of our campaign for change at Green Dot. The fact that unaffiliated shareholders overwhelmingly supported Harvest's director nominees provides a powerful message that we hope the Board will respect."