Impactive Capital, an activist investor with approximately 7.0% ownership in WEX Inc., issued an open letter to shareholders on May 2, 2025. The letter announced its intention to vote against the election of three incumbent directors: Jack VanWoerkom, Melissa Smith, and James Neary.
Impactive Capital stated that WEX has underperformed its closest peer, Corpay, Inc., by over 250 percentage points and the S&P 400 by over 120 percentage points over the past 12 years. The firm believes this underperformance highlights the need for refreshed Board representation and a shareholder voice.
The activist investor has engaged privately with the Board for four years, sharing proposals to enhance corporate governance, optimize capital allocation, and improve operations. Impactive views its vote against the directors as a referendum on the Board to demand accountability and meaningful change.
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