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Prepaid debit card trailblazer Steve Streit retires as CEO of Green Dot

Walmart sells a card issued by Green Dot branded as the retailer's own popular Walmart MoneyCard.

December 20, 2019

Green Dot, a fintech and provider of prepaid debit cards, announced late Wednesday that founder and CEO Steve Streit will step down from his position on Dec. 31. He'll move on to become chief innovation officer. Also retiring as part of the management shake-up is Mark Shifke, the company's chief financial officer. 

William Jacobs, chairman of the board, will serve as as interim CEO, and J. Chris Brewster, who is chair of the Green Dot Audit Committee, will step in as interim president. Jess Unruh, the chief accounting officer and operational CFO, was named interim CFO. 

Streit said in a statement that he is fulfilling a promise to walk away from the role after two decades at the helm. 

"October marked Green Dot's 20th anniversary and the benchmark for when I promised myself and my family that I would retire from my role as Green Dot's CEO," he said.

Green Dot's main business is selling prepaid debit cards, which customers, who may not have access traditional banking accounts can load up at participating retail stores. The cards are available at more than 100,000 retailers nationwide, including Walmart, which also sells a card issued by Green Dot that is branded as the retailer's own Walmart MoneyCard. Green Dot derives roughly a third of its revenue from sales at Walmart stores.

In recent years, the company has been shifting its focus to becoming a fintech leader with a mission to power the banking industry's branchless future.