Green Dot Adds Three Independent Directors

Debit-card issuer Green Dot Corp., which has grappled with activist investor Harvest Capital Strategies, said Monday that it has named three independent directors to its board, effective immediately.

Pasadena, Calif.-based Green Dot, which issues prepaid MasterCard and Visa cards sold at retailers including CVS Health Corp. and Walgreens Boots Alliance Inc., also said current nonindependent director Samuel Altman had stepped down. With the new appointments and the resignation, the board will expand by two seats to 10 positions in total.

During a conference all in February, Steve Streit, the company's CEO, said, "we announced that Green Dot would be expanding our board and reaching out to our top shareholders to help us recruit superstar board talent."

The three new directors are J. Chris Brewster, who most recently served as chief financial officer of Cardtronics Inc.; Rajeev V. Date, founder of Fenway Summer LLC, a venture investment firm; and William I. Jacobs, chairman of Global Payments Inc.

In late January, Harvest, one of Green Dot's largest independent shareholders, sent a letter to the board seeking immediate leadership and board changes, citing "continued mismanagement and value destruction."

Harvest holds 8.2% of Green Dot shares, according to FactSet. Harvest has rejected previous invitations from Green Dot to participate in a search for directors, insisting on its on slate of nominees. A call seeking comment from Harvest wasn't immediately returned.

Write to Ezequiel Minaya at [e-mail]

(END) Dow Jones Newswires

April 11, 2016 18:45 ET (22:45 GMT)

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