Green Dot Corporation (NYSE:GDOT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 20, 2019, Green Dot Corporation (the “Company”) announced that it has appointed Rob Strub as Chief Operating Officer of the Company. The Company also announced that, in connection with Mr. Strub’s appointment, effective February 25, 2019, Kuan Archer was appointed President, Chief Product and Technology Officer of the Company and will no longer serve as the Company’s Chief Operating Officer.
Mr. Strub will begin serving as the Company’s Chief Operating Officer on February 25, 2019. Prior to joining the Company, he served in a number of positions at Citigroup, a financial services company, from June 1997 to February 2019, most recently as Chief Operations Officer for the U.S. Consumer Bank for Citi from October 2018 to February 2019. Mr. Strub holds a B.S. in finance from Miami University and an M.B.A. from the University of Cincinnati.
to his offer letter, Mr. Strub will receive an annual base salary of $450,000 and will be eligible to receive an annual bonus under the Company’s Executive Officer Incentive Bonus Plan of up to 50% of his base salary, subject to the Company’s standard bonus practices and policies. In addition, subject to the approval of the Compensation Committee of the Company’s Board of Directors, Mr. Strub will be granted restricted stock unit awards covering 20,000 shares of Class A common stock and he will be eligible to receive performance-based restricted stock units with a target grant fair date value equal to $600,000 on an annual basis, beginning with 2019.
In connection with his appointment, Mr. Strub will also enter into the Company’s standard form of indemnification agreement for its officers and directors. This agreement requires the Company to, among other things, hold harmless and indemnify Mr. Strub to the fullest extent authorized by the Company’s certificate of incorporation, bylaws and Delaware law, and against any and all expenses, judgments, fines and settlement amounts actually and reasonably incurred by him in connection with any threatened, pending or completed action, suit or proceeding arising out of his services as an officer.
About Green Dot Corporation (NYSE:GDOT)
Green Dot Corporation, along with its subsidiaries, is a pro-consumer financial technology innovator. The Company is a provider of reloadable prepaid debit cards and cash reload processing services in the United States. The Company operates through two segments: Account Services, and Processing and Settlement Services. Its account services segment includes branded deposit account programs, including Green Dot-branded and affinity-branded general purpose reloadable (GPR) card accounts; checking accounts, and open-loop gift cards. Its processing and settlement services include reload services and tax refund processing services. It also has operations in the mobile technology and mobile banking with GoBank mobile checking account. Through its subsidiary, SBBT Holdings, LLC (TPG), it also operates as a processor of tax refund disbursements in the United States. It offers checking account products, such as GoBank, that allow customers to acquire and manage checking accounts.