Green Dot has announced the departure of CEO and president George Gresham as the digital bank and fintech provider begins a strategic review with Citi. The firm has stated that there are no guarantees on the outcome or timing of the review and will not comment further until necessary.
In a statement, Green Dot’s board emphasized its commitment to acting in the best interests of the company, its stockholders, and stakeholders. Chairman William I. Jacobs has stepped in as interim CEO, while chief revenue officer Chris Ruppel has been appointed interim president of Green Dot and interim CEO and president of Green Dot Bank.
The news sent Green Dot’s share price down more than 7% on Monday, adding to a 35% decline this year. Gresham originally took over in 2022 after the termination of Dan Henry, who was removed when three major partners declined to renew contracts and the company became entangled in a dispute with Uber.
Financially, Green Dot has been facing challenges, reporting a 3% decline in full-year adjusted EBITDA and forecasting a 9% drop for 2025. As the firm explores its strategic options, investors and stakeholders are watching closely to see what direction Green Dot will take next.