WEX board deal ends bitter proxy battle with activist Impactive

Svea Herbst-Bayliss

Mon, May 4, 2026 astatine 8:13 AM CDT 1 min read

By Svea Herbst-Bayliss

NEW YORK, May 4 (Reuters) - Payment processing and accusation absorption ‌services radical WEX said connected Monday ‌it had reached a woody with Impactive Capital ​to adhd 3 committee members and marque different changes, ending a proxy conflict hours earlier a shareholder vote.

The late-night settlement, hours ‌before shareholders ⁠were scheduled to formed last votes connected Tuesday to find who ⁠should beryllium connected WEX's board, ends 1 of the astir bitter proxy fights ​of the ​season, which respective ​industry experts had ‌said activistic capitalist Impactive was connected people to win.

All 3 of Impactive's projected candidates, including the hedge fund's co-founder Lauren Taylor Wolfe, volition articulation the committee and ‌WEX agreed to divided ​the president and main ​executive role.

This ​allows WEX CEO Melissa Smith to ‌keep her spot connected ​the committee ​and for manager Stephen Smith, who is not related to the CEO, to ​stay. Current ‌director Nancy Altobello volition leave.

WEX's yearly ​meeting was postponed by a ​week.

(Reporting by Svea Herbst-Bayliss)