Green Dot Names Jacobs New Chairman as Executive Roles Are Split
June 27 2016 - 10:20AM
Dow Jones News
Green Dot Corp. on Monday named William I. Jacobs chairman of
its board, as the financial technology company separated its
chairman and chief executive roles.
The move comes after a shareholder vote last month kept Chief
Executive Steven Streit in office—but by a narrow margin.
Mr. Jacobs has served in the same position with Global Payments
Inc., a payment processing services company, since June 2014. He
also has held the lead independent director position at Global
Payments position since August 2002.
Before Global Payments, Mr. Jacobs was the chief financial
officer of New Power Co. and, from 1984 to 1994, served at
MasterCard as international chief operating officer of financial
security.
Last month, Mr. Streit received a minority of shares voted on,
43.8%, but that was enough to beat one of the three nominees by
activist investor Jeffrey Osher. In January, Mr. Osher's company,
Harvest Capital Strategies LLC, began a public campaign to oust all
of Green Dot's directors.
Green Dot stock has risen by almost one-third in the past year
to $21.41 and is inactive premarket.
Write to Brittney Laryea at brittney.laryea@wsj.com
(END) Dow Jones Newswires
June 27, 2016 10:05 ET (14:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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