- Push-out Score determined
- After 19 years in the position
- Accolades, praise and thanks for Streit
- Bill Jacobs taking over in the interim
- Streit will remain as Chief Innovation Officer at Green Dot
- Streit spoke at length and said 156 words
(exechange) — Pasadena, California, December 18, 2019 — Steve Streit, chief executive of Green Dot, leaves his position. As announced by Green Dot Corp. in a news release and in a regulatory filing published on Wednesday, December 18, 2019, Steven W. (Steve) Streit leaves his post as chief executive officer at the financial technology and bank holding company after 19 years in the role, effective December 31, 2019.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.6 years, according to data compiled by exechange. On an accumulated basis, around 11% of the CEOs who announced their departure over the past 12 months left their posts after more than 15 years.
Steve Streit’s duties as CEO will be taken over in the interim by William I. (Bill) Jacobs, currently Board Chairman of Green Dot Corp., as interim Chief Executive Officer.
It is a reverse generational change. Bill Jacobs is about 20 years older than Steve Streit.
“Orderly management succession and transition process”
Steve Streit’s departure from the CEO post is explained as follows. Green Dot said: “Mr. Streit’s retirement initiates an orderly management succession and transition process.”
Streit will remain as Chief Innovation Officer at Green Dot
“Mr. Streit’s retirement initiates an orderly management succession and transition process under which Mr. Streit will transition to the role of “Chief Innovation Officer” as an independent advisor while Green Dot Board Chairman, William I. Jacobs, will serve as interim Chief Executive Officer and J. Christopher Brewster, Chair of the Audit Committee, will serve as interim president. As part of this process, Green Dot CFO, Mark Shifke, will retire concurrent to Mr. Streit and Jess Unruh, Operational Chief Financial Officer and Chief Accounting Officer, will serve as interim Chief Financial Officer. All transitions will become effective on December 31, 2019,” Green Dot said.
Green Dot said: “Green Dot Corporation (NYSE: GDOT) (“the Company”) today announced the retirement of Green Dot CEO and Founder, Steve Streit. Mr. Streit will also retire from Green Dot’s Holding Company Board and as Chairman of the Green Dot Bank board.”
Green Dot further said: “[A]s part of an orderly succession and transition plan, the Company’s founder, Steven W. Streit, has announced his retirement as President and Chief Executive Officer and as a member of the Board of Directors (the “Board”) of the Company, in each case, effective as of December 31, 2019.”
Share price decline
The announcement follows a decline in Green Dot Corp.’s share price of 69% since September 2018.
In the position of CEO since 2001
Steve Streit became CEO of the Company in 2001.
Steven W. Streit is the Company’s founder and has served as the Company’s President and a director since October 1999 and the Company’s Chief Executive Officer since January 2001.
He also served as the Company’s Secretary from October 1999 to April 2000, the Company’s Treasurer from October 1999 to April 2004 and the Company’s Chairman from February 2010 to June 2016.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Green Dot and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 51.2019 ($).