Melissa Smith

David Foss was named board chair at the Portland-based provider of financial technology services to replace Melissa Smith, who will retain a board seat and remain as president and CEO.

Under pressure from 4.9% shareholder Impactive Capital, WEX has agreed to separate the roles of CEO and board chair and add three board nominees put forward by the New York-based hedge fund.

A New York-based hedge fund that owns 4.9% of WEX's shares is pressing for changes on the fintech provider's board of directors.

Impactive Capital, a hedge fund that owns 4.9% of the Portland-based fintech provider, is calling for the ouster of some WEX board members, including Chair and CEO Melissa Smith, at next week’s annual shareholders meeting.

The Portland-based fintech services provider posted earnings and revenue that surpassed market expectations and urged shareholders to resist calls by an activist hedge fund for a board shakeup.

Impactive Capital LP, a New York-based hedge fund that owns 5% of WEX shares, is seeking to install four independent directors on the company’s board at its next annual shareholders meeting.

Earnings per share were 15.1% higher than the same period a year earlier and above the $3.9.1 per share consensus estimate of analysts polled by Zacks Investment Research.

In this role, Sandy Kuohn will lead WEX’s global people strategy, aligning talent, culture and organizational capabilities to advance the company’s strategy and focus on disciplined growth. 

WEX is Maine's second-largest publicly traded company, after IDEXX Laboratories Inc.

Over the last four quarters, the company has surpassed consensus earnings per share estimates three times.