Green Dot Names New Chairman

Pasadena-based debit card and online banking company Green Dot announced this morning that it has named William I. Jacobs as the company's new Chairman of its board of directors. The move is part of an agreement with an activist investor group to split up the Chairman and CEO roles at the company. Jacobs s the Chairman of the board of Global Payments, a payment processing firm, and has also served at The New Power Company, MasterCard International, and Financial Security Assurance, in addition to serving on the boards of Asset Acceptance Capital Corp., Investment Technology Group, and Alpharma. Steve Streit, the founder of Green Dot, remains as CEO. Green Dot has been in a big proxy fight with Harvest Capital over the company's direction--and Streit's role at the firm.