Digital bank and fintech provider Green Dot has announced a leadership change, replacing CEO and president George Gresham as part of its efforts to implement new strategies. The company has engaged Citi to “explore strategic alternatives.”
The firm stated that “no assurances can be given as to the outcome or timing of the strategic review process,” and it will refrain from public comments until deemed appropriate. In a statement, the company emphasized that the Board of Directors and management team are committed to acting in the best interests of Green Dot, its stockholders, and stakeholders.
Following Gresham’s departure after two and a half years at the helm of Green Dot and Green Dot Bank, Chairman William I Jacobs has assumed the role of interim CEO. Chief Revenue Officer Chris Ruppel will serve as interim president of Green Dot and interim CEO and president of Green Dot Bank.
Green Dot’s stock has experienced a decline of 35% this year, with shares dropping more than seven percent during trading on Monday. Gresham took over as CEO and president in 2022 after the company terminated his predecessor, Dan Henry, amidst contract non-renewals by three partners and a conflict with Uber.
In February, Green Dot reported a three percent decline in its full-year adjusted EBITDA and projected a nine percent decrease in 2025.