Impactive Capital, a significant shareholder of WEX Inc. with approximately 7.0% ownership, commented on May 22, 2025, on the results of the company’s 2025 annual meeting of stockholders. The firm believes shareholders sent a clear message that board change is needed.
Directors Jack VanWoerkom, Melissa Smith, and James Neary received high percentages of 'against' votes, with Ms. Smith, CEO and Chairwoman, receiving only 64% support. Impactive stated that this demonstrates a crisis of confidence among the company’s shareholders.
Impactive Capital announced its intention to nominate at least four director nominees at WEX's 2026 annual meeting. This action will proceed unless WEX reverses its pattern of underperformance and unconstructive engagement with shareholders in the coming months.
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