Green Dot Corp., the prepaid debit-card company, agreed to split the roles of chairman and chief executive officer.

Steven Streit is the current CEO, while an independent chairman will be named after the 2016 annual meeting, the Pasadena, California-based firm said Monday in a statement. The board also plans to appoint George Gresham as a director to satisfy the recommendation of proxy-advisory firm Glass Lewis & Co., according to the statement.

“We are taking decisive steps to further improve our corporate governance, demonstrating our accountability to stockholders and our willingness to take action,” the board said in the statement.

Subscribe Now

Authoritative analysis and perspective for every segment of the payments industry

14-Day Free Trial

Authoritative analysis and perspective for every segment of the industry