Stressing Accountability, Green Dot Proposes 1-Year Board Terms
After a year that saw activist stockholders call for more accountability and a shakeup in company leadership, Green Dot Corp. has unveiled a plan to make each member of its board of directors subject to annual re-election. The initiative calls for a change to the company’s certificate of incorporation to declassify all board seats. Currently, the board consists of three classes, with members of each class elected for three-year terms on a staggered basis, such that the terms of each class expire in successive years, according to the company.