Published : Wednesday, December 18, 2019 | 5:20 PM
Pasadena-based Green Dot Corp. Wednesday announced the retirement of Green Dot CEO and Founder, Steve Streit.
Streit founded Green Dot in 1999 from his Pasadena home. Since that time, he launched one of the most famous consumer brands in financial services and an entire industry of products and services that are today staples in the homes of millions of Americans.
Streit will also retire from Green Dot’s Holding Company Board and as Chairman of the Green Dot Bank board.
His retirement initiates a management succession and transition under which he will become the “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 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.
Board Chair and interim CEO Jacobs said, “Steve revolutionized banking services 20 years ago with his insight into innovation, consumer behaviors and market changes. The foundation laid by Steve leaves Green Dot well positioned to continue to lead and transform the financial services industry in the future. I want to thank both Steve and Mark for their many years of service to the Company.”
Streit said, “October marked Green Dot’s 20th anniversary and the benchmark for when I promised myself and my family that I would retire from my role as Green Dot’s CEO.”
“I will still be associated with Green Dot as an independent advisor and I remain a large investor who believes strongly in Green Dot’s future prospects,” he said.
Separately, Green Dot reaffirmed it expects revenues of about $1 billion this year.
Green Dot products are marketed under brand names such as Green Dot, GoBank, MoneyPak, AccountNow, RushCard and RapidPay, and can be acquired through more than 100,000 retailers nationwide, thousands of corporate paycard partners, several “direct-2-consumer” branded websites, thousands of tax return preparation offices and accounting firms, thousands of neighborhood check cashing locations and both of the leading app stores.
Green Dot Corporation is headquartered in Pasadena with additional facilities throughout the United States and in Shanghai, China.