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Green Dot Sends Letter to Stockholders Comparing Director Nominee Credentials
- Believes Incumbent Director Nominees Stand Head and Shoulders Above Dissident’s Nominees -
- Urges Stockholders to Vote on the WHITE proxy card “FOR” Green Dot’s Three Experienced and Highly-Qualified Nominees -
In the letter, which has been filed with the
Do you believe it is wise to remove three experienced and
Steven W. Streit– Founder and one of Green Dot’s top shareholders with over 8 percent ownership, inventor of the reloadable prepaid debit card and primary relationship holder with major business partners and key regulators.
Michael J. Moritz– Large Green Dot shareholder and current Chairman of Sequoia Capital, prominent technology company board experience, currently serves on the board of ~$17 billionmarket capitalization), prior board member of Yahoo, Kayak and PayPal.
Timothy R. Greenleaf– Audit Committee Chair; oversees Enterprise Risk Management Committee and Cybersecurity, key relationships with bank regulators and auditors.
Do you believe these are suitable candidates to serve on a highly
regulated, bank holding company’s board that has a market
capitalization in excess of a billion dollars?
Philip B. Livingston– Former CEO of Ambassadors Group, former NASDAQ listed company that saw its stock price decline over 60 percent before being liquidated. Current board member of Rand Worldwide(OTCBB:RWWI), a $50 millionmarket cap company.
Saturnino Fanlo– Served on only two public boards: Capmark Financial Group(“Capmark”) and KKR Financial Holdings(“KKR”). Capmark declared bankruptcy and KKR Financial Holdings’ stock declined 97 percent during Mr. Fanlo’s tenure as CEO.
George W. Gresham– Never served on a public company board and declined offer to be immediately appointed to Green Dot’s board.
- Do you believe Green Dot is better off without its founder, Steven W. Streit, the individual who invented the prepaid card industry, established the Company as the industry leader, successfully navigated significant competitive and regulatory headwinds, and who will be held accountable if Green Dot does not produce $1.75+ Non-GAAP EPS in 2017?
- Are you willing to jeopardize invaluable business partnerships and the support of regulators?
Green Dot believes the right choice clear and strongly encourages
stockholders to vote on the WHITE proxy card “FOR” the
reelection of incumbent director nominees— Messrs. Streit, Greenleaf and
Moritz— at the Company’s
Green Dot stockholders that have questions or need assistance in voting their shares on the WHITE proxy card should contact:
INNISFREE M&A INCORPORATED
Stockholders call toll-free: (877) 800-5186
Banks and Brokers call collect: (212) 750-5833
About Green Dot
This press release may be deemed to contain forward-looking statements,
which are subject to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Actual results may differ
materially from those contained in the forward-looking statements
contained in this press release. The potential risks and uncertainties
that could cause actual results to differ from those projected include,
among other things, the timing and impact of revenue growth activities,
the Company’s dependence on revenues derived from Walmart and three
other retail distributors, impact of competition, the Company’s reliance
on retail distributors for the promotion of its products and services,
demand for the Company’s new and existing products and services,
continued and improving returns from the Company’s investments in new
growth initiatives, potential difficulties in integrating operations of
acquired entities and acquired technologies, the Company’s ability to
operate in a highly regulated environment, changes to existing laws or
regulations affecting the Company’s operating methods or economics, the
Company’s reliance on third-party vendors, changes in credit card
association or other network rules or standards, changes in card
association and debit network fees or products or interchange rates,
instances of fraud developments in the prepaid financial services
industry that impact prepaid debit card usage generally, business
interruption or systems failure, and the Company’s involvement
litigation or investigations. These and other risks are discussed in
greater detail in the Company’s
Green Dot Corporation
Brian Ruby, 203-682-8286
John Christiansen / Meghan Gavigan, 415-618-8750
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