Non-Independent Director Sam Altman Steps Down to Make Room for
Additional Independent Members
PASADENA, Calif.--(BUSINESS WIRE)--Apr. 11, 2016--
Green Dot Corporation (NYSE: GDOT) (the “Company”) today announced that
it has appointed three new independent directors, J. Chris Brewster,
Rajeev V. Date and William I. Jacobs to the Company’s Board of
Directors, effective immediately.
Green Dot also announced today that current non-independent director
Samuel Altman voluntarily agreed to step down from the Board, effective
immediately and prior to the new director appointments, in order to
facilitate the appointment of all three new independent directors
without necessitating the expansion of the Board beyond two new seats.
With these changes, the size of the Company’s Board will be increased
from eight to ten directors, nine of whom are independent.
Steve Streit, Green Dot’s Founder, Chairman and Chief Executive Officer
said, “On our Q4 earnings call in February, we announced that Green Dot
would be expanding our board and reaching out to our top shareholders to
help us recruit superstar board talent. I am extremely pleased to
announce that our fulsome and open search process was incredibly
successful, yielding a large field of highly qualified potential board
candidates from which our Nominations and Governance Committee
ultimately selected three world class members. Experienced financial
technology investors likely already know Chris Brewster, Raj Date and
Bill Jacobs. All three have extensive experience in the payments and
financial services industries and all are known for being independent
strategic voices on important boards. I am thrilled to welcome them all
to Green Dot’s Board of Directors.”
“Sam is an amazingly talented individual who has been extremely helpful
to Green Dot since we first met during the acquisition of Loopt, where
he was co-founder and CEO. As a Green Dot Board member and President of
Y Combinator, a leading Silicon Valley technology incubator, Sam helped
introduce our products and services to new business opportunities at the
many technology companies with which he has exposure and influence. We
thank Sam for his support and exemplary service over the last three
years, and are deeply appreciative that he has offered to step down from
our board prior to the end of his term in order to make room for a third
independent candidate,” said Streit.
Biographies of the new directors follow.
J. Chris Brewster
J. Chris Brewster, 67,most recently served as Chief Financial Officer of
Cardtronics, Inc., a provider of automated consumer financial services
through ATMs and other devices, from 2004 until February 2016. Prior to
joining Cardtronics, Mr. Brewster served as Executive Vice President and
Chief Financial Officer of Imperial Sugar Company. Earlier in his
career, Mr. Brewster served as a partner of Bellmeade Capital Partners,
LLC; Chief Financial Officer of Sanifill, Inc.; and Chief Financial
Officer of National Convenience Stores, Inc. Mr. Brewster holds a B.S.
degree in industrial management from the Massachusetts Institute of
Technology and an M.B.A. degree from Harvard Business School.
Rajeev V. Date
Rajeev V. Date, 45, is the founder of Fenway Summer LLC, a venture
investment firm focused on financial services, and has served as
Managing Partner of the firm since 2013. Previously, Mr. Date served in
a variety of capacities at the U.S. Consumer Financial Protection Bureau
(“CFPB”) and the U.S. Department of the Treasury. Among other roles, Mr.
Date served as the first-ever Deputy Director of the CFPB, and also
acted as the CFPB’s interim leader for several months. Prior to his
public service, Mr. Date was a Managing Director in the Financial
Institutions Group at Deutsche Bank Securities. From 2001 to 2007, Mr.
Date served in various capacities at Capital One Financial, a bank
holding company, including most recently as Senior Vice President for
Corporate Strategy and Development. Mr. Date began his career in the
financial institutions practice of McKinsey & Company. Mr. Date
currently serves on the boards of directors of Circle Internet
Financial, Inc., College Ave Student Loans LLC; Ethos Lending LLC; FS
Card Inc.; Kensington Vanguard National Land Services, LLC; and Prosper
Marketplace, Inc. Mr. Date holds a B.S. in industrial engineering and
operations research from the University of California at Berkeley, and a
J.D. from the Harvard Law School.
William I. Jacobs
William I. Jacobs, 74, has served as the Chairman of the Board of
Directors of Global Payments, Inc., a payment processing services
company, since June 2014. He also served as Lead Independent Director of
that company and as one of its business advisors since August 2002.
Prior to joining Global Payments, Mr. Jacobs served as Managing Director
and Chief Financial Officer of The New Power Company. From 1995 to 2000,
Mr. Jacobs served in various senior roles at MasterCard International.
Prior to MasterCard, Mr. Jacobs served as Executive Vice President,
Chief Operating Officer of Financial Security Assurance, Inc., from 1984
to 1994. Mr. Jacobs previously served on the board of directors of Asset
Acceptance Capital Corp., Investment Technology Group, Inc., and
Alpharma, Inc. Mr. Jacobs currently serves on the board of directors of
The BondFactor Company. He holds a B.S. degree in business
administration from The American University and a J.D. from The
Washington College of Law of The American University.
About Green Dot Corporation
Green Dot Corporation, along with its wholly owned subsidiary bank,
Green Dot Bank, is a pro-consumer financial technology innovator with a
mission to reinvent personal banking for the masses. Green Dot invented
the prepaid debit card industry and is the largest provider of
reloadable prepaid debit cards and cash reload processing services in
the United States. Green Dot is also a leader in mobile technology and
mobile banking with its award-winning GoBank mobile checking account.
Through its wholly owned subsidiary, TPG, Green Dot is additionally the
largest processor of tax refund disbursements in the U.S. Green Dot's
products and services are available to consumers through a large-scale
"branchless bank" distribution network of more than 100,000 U.S.
locations, including retailers, neighborhood financial service center
locations, and tax preparation offices, as well as online, in the
leading app stores and through leading online tax preparation providers.
Green Dot Corporation is headquartered in Pasadena, Calif., with
additional facilities throughout the United States and in Shanghai,
China.
Forward-Looking Statements
This press release contains forward-looking statements, including but
not limited to the timeframe within which the Company expects to
complete the migration of its accounts, 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 unexpected
delays in the migration of accounts due to technological challenges and
other reasons, 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 Securities and Exchange Commission
(“SEC”) filings, including its most recent annual report on Form 10-K
and quarterly report on Form 10-Q, which are available on the Company's
investor relations website at ir.greendot.com and on the SEC website at www.sec.gov.
All information provided in this press release is as of April 11, 2016,
and the Company assumes no obligation to update this information as a
result of future events or developments.
Important Additional Information
Green Dot has filed a preliminary proxy statement with the SEC in
connection with the solicitation of proxies for the 2016 Annual Meeting
of Stockholders and will file with the SEC and mail to its stockholders
a definitive proxy statement (the “Proxy Statement”) together with a
WHITE proxy card. GREEN DOT STOCKHOLDERS ARE URGED TO READ THE PROXY
STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE
ACCOMPANYING WHITE PROXY CARD AND ANY OTHER RELEVANT DOCUMENTS THAT
GREEN DOT WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY
WILL CONTAIN IMPORTANT INFORMATION.
Green Dot, its directors and certain of its executive officers are
participants in the solicitation of proxies from stockholders in
connection with the 2016 Annual Meeting of Stockholders. Information
regarding the identity of these participants and their direct or
indirect interests in Green Dot, by security holdings or otherwise, is
set forth in the preliminary proxy statement for the 2016 Annual Meeting
and will be set forth in the Proxy Statement.
Investors and stockholders will be able to obtain a copy of the
preliminary proxy statement now or the Proxy Statement when it becomes
available and other documents filed by the Company free of charge from
the SEC’s website, www.sec.gov.
Green Dot stockholders will also be able to obtain, without charge,
copies of documents filed by Green Dot with the SEC by directing a
request by mail to Green Dot Corporation, 3465 East Foothill Blvd.,
Pasadena, California 91107, Attn: Investor Relations, or from the
Company’s website, www.greendot.com
or the Company's proxy solicitor for the 2016 Annual Meeting, Innisfree
M&A Incorporated, toll-free at (877) 800-5186 (banks and brokers may
call collect at (212) 750-5833).
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Source: Green Dot Corporation
Green Dot Corporation
Investor Relations, 626-765-2427
ir@greendot.com
or
Media
Relations
Brian Ruby, 203-682-8268
brian.ruby@icrinc.com
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