Financial Wire

Market Chatter: WEX Shareholders Urged by Impactive Capital to Replace CEO on Board Next Month

-- WEX (WEX) shareholders are being urged by Impactive Capital to replace the company's Chief Executive Officer Melissa Smith on its board of directors at its annual meeting next month, Reuters reported Friday, citing sources and documents.

Impactive Capital, which owns about 5% of WEX, wants to replace three sitting directors, including CEO Smith, who is also the company's board chair, the report said, adding that the hedge fund does not want to replace the CEO, but replace her on the board and to separate the CEO and chair roles.

The hedge fund further said that Smith's pay is too high and the board's governance record is poor, Reuters reported.

WEX did not immediately respond to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: $157.98, Change: $-1.52, Percent Change: -0.95%

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