Green Dot Changes Leadership and Explores Strategic Alternatives

Digital bank and FinTech company Green Dot said Monday (March 10) that it made a leadership transition and engaged Citi to explore strategic alternatives.

Effective Friday (March 7), the company appointed its chairperson of the board, William I Jacobs, to also serve as interim CEO of Green Dot, and its chief revenue officer, Chris Ruppel, to also serve as interim president of Green Dot and interim CEO and president of Green Dot Bank, the company said in a Monday press release.

They succeed George Gresham, who stopped serving as CEO and president of Green Dot and Green Dot Bank and as a member of the company’s board of directors, effective Friday, the release said.

Jacobs has served as chairperson of the board since June 2016 and previously served as interim CEO from January 2020 through March 2020, per the release.

Ruppel has served as chief revenue officer since November 2022.

Of the strategic alternatives announced Monday along with the leadership transition, the press release said: “No assurances can be given as to the outcome or timing of the strategic review process, and Green Dot does not intend to make any further public comment regarding the process until it determines that disclosure is appropriate.”

Green Dot said in a February earnings release that it saw a 3% decline in its full year adjusted EBITDA in 2024 and expected to see a 9% decline in its full year adjusted EBITDA in 2025.

“We delivered fourth quarter results in line with our expectations and observed another quarter of revenue and earnings growth, while achieving an increase in active accounts for the first time in over three years,” Green Dot Chief Financial Officer Jess Unruh said in the Feb. 27 release. “Though our 2025 guidance indicates a decline in adjusted EBITDA, this is primarily due to continued headwinds in our Consumer Services segment. Nevertheless, I remain optimistic about the potential for continued growth in our B2B and Money Movement segments, which are integral to our embedded finance strategy.”

Also in February, Green Dot and Marqeta announced a partnership that enables Marqeta customers and their users to make cash deposits at Green Dot’s network of more than 95,000 locations across the U.S.