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Green Dot shares fall 13% after top executive changes, lower FY'19 guidance

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Green Dot shares fall 13% after top executive changes, lower FY'19 guidance

The share price of Green Dot Corp. plunged a day after the company disclosed the retirement of its CEO and CFO as well as lower earnings expectations for full year 2019.

The stock was down 13.46% at $22.38 as of 12:44 p.m. ET.

The Pasadena, Calif.-based company said Dec. 18 that its founder, Steven Streit, will retire as president, CEO and a director of the company and as chairman of unit Green Dot Bank, effective Dec. 31.

Green Dot Chairman William Jacobs will serve as interim CEO of the company while J. Christopher Brewster, who chairs the audit committee, will be interim president. Streit will transition to the independent advisory role of chief innovation officer.

Green Dot CFO Mark Shifke will also retire, concurrent with Streit's retirement.

Jess Unruh, the company's operational CFO and chief accounting officer, was appointed interim CFO, effective Dec. 31. Shifke will provide consulting services to the company for up to 12 months following the date of his retirement.

Green Dot also disclosed that it expects non-GAAP total operating revenues for full year 2019 to come in at the low end of its previous guidance between $1.06 billion and $1.08 billion.

The company anticipates adjusted EBITDA for 2019 to be at the low end of its previous guidance between $240 million and $244 million, while full-year non-GAAP EPS is expected to be around $2.73, in line with the previous guidance range of $2.71 to $2.77.