Latest news with #WEXInc
CNA
22-05-2025
- Business
- CNA
Impactive Capital plans proxy fight at WEX, seeking at least four directors
NEW YORK :Activist investor Impactive Capital said it is gearing up for a boardroom fight at financial technology company WEX Inc, and may nominate at least four directors to its board in 2026. Impactive, which owns roughly 7 per cent of the company and has been a shareholder for four years, is ratcheting up pressure on the payments company only days after its May 15 annual meeting. WEX's share price has slid 30 per cent over the last 12 months. "We intend to nominate at least four directors for election at next year's annual meeting, barring a significant reversal of the company's underperformance or approach to engagement in the coming months," Impactive said in a statement confirming an earlier exclusive report by Reuters that the firm was preparing a challenge. WEX, whose services include payment processing and information management for vehicle fleets, employee benefits, business payments and travel payments, has a market value of roughly $4.5 billion. Impactive, run by Lauren Taylor Wolfe and Christian Asmar, has privately pressed WEX to simplify its business and create greater alignment between the company and its shareholders but feels its requests have been dismissed, said a person familiar with the discussions who was not authorized to speak publicly. Specifically, Impactive urged WEX to consider spinning off its benefits segment and suggested adding an investor to the 11-member board of directors, according to the person, who said Impactive asked late last year to join the board. WEX said members of its management team had spoken with Impactive's principals dozens of times over the last three years. "It was not until late last year that Impactive requested Board representation. We have a history of constructive engagement and intend to continue those conversations," the company said in a statement. Despite its strong market positioning, attractive assets and competitive advantages, WEX has underperformed and lagged behind peers, including Corpay, Impactive said earlier this month in a public letter to shareholders. In an effort to exert pressure, Impactive said on May 2 that it would vote against three directors, including the company's chair, Melissa Smith, and lead director, Jack VanWoerkom, at the May 15 meeting. While all three were re-elected, shareholders' support for each director targeted by Impactive was at least 33 per cent lower than the previous year, according to a regulatory filing, signaling some concern. Impactive has only run one proxy fight during its seven-year lifetime and has said it prefers to engage with companies and management privately to fix problems.
CNA
22-05-2025
- Business
- CNA
Exclusive-Impactive Capital may run proxy fight at WEX, seeking 4 of 11 directors, source says
NEW YORK :Activist investor Impactive Capital is gearing up for a boardroom fight at financial technology company WEX Inc, and may nominate at least four directors at next year's annual meeting, according to a person familiar with the matter and a document seen by Reuters. The share price of WEX has slid 30 per cent in the last 52 weeks. Impactive, which owns roughly 7 per cent of the company and has been a shareholder for four years, is ratcheting up pressure on the payments company only days after its May 15 annual meeting. WEX, whose services include payment processing and information management for vehicle fleets, employee benefits, business payments, and travel payments, has a market value of roughly $4.5 billion. Frustration has been simmering for years as Impactive privately pressed WEX to simplify its business and create greater alignment between the company and its shareholders but feels its requests have been dismissed, the source said. The source was not permitted to discuss the hedge fund's private plans. Specifically Impactive has urged WEX to consider spinning off its benefits segment and has suggested adding a investor to the 11-member board of directors. Late last year, Impactive asked to join the board but has so far not been invited on, the person said. A representative for the company was not immediately available for comment. Despite its strong market positioning, attractive assets and competitive advantages, WEX has underperformed and lagged behind peers, including Corpay, Impactive said earlier this month in a public letter to shareholders. In an effort to exert pressure, Impactive said on May 2 that it would vote against three directors, including the company's chair, Melissa Smith, and lead director, Jack VanWoerkom, at the May 15 meeting. While all three were re-elected, shareholders' significant votes "against" the directors signal concern. Impactive has only run one proxy fight during its seven-year lifetime and said publicly at conferences that it prefers to engage with companies and management privately to fix problems. Two years ago Impactive settled a proxy fight with Envestnet when the financial technology company added three new directors, including Impactive co-founder Lauren Taylor Wolfe. But Impactive is eyeing a potential second board challenge by taking on WEX because it worries the company and its advisors are ignoring shareholders' wishes, the source said. It is considering nominating at least four directors because of the board's size, the person said.
Reuters
22-05-2025
- Business
- Reuters
Exclusive: Impactive Capital may run proxy fight at WEX, seeking 4 of 11 directors, source says
NEW YORK, May 22 (Reuters) - Activist investor Impactive Capital is gearing up for a boardroom fight at financial technology company WEX Inc (WEX.N), opens new tab, and may nominate at least four directors at next year's annual meeting, according to a person familiar with the matter and a document seen by Reuters. The share price of WEX has slid 30% in the last 52 weeks. Impactive, which owns roughly 7% of the company and has been a shareholder for four years, is ratcheting up pressure on the payments company only days after its May 15 annual meeting. WEX, whose services include payment processing and information management for vehicle fleets, employee benefits, business payments, and travel payments, has a market value of roughly $4.5 billion. Frustration has been simmering for years as Impactive privately pressed WEX to simplify its business and create greater alignment between the company and its shareholders but feels its requests have been dismissed, the source said. The source was not permitted to discuss the hedge fund's private plans. Specifically Impactive has urged WEX to consider spinning off its benefits segment and has suggested adding a investor to the 11-member board of directors. Late last year, Impactive asked to join the board but has so far not been invited on, the person said. A representative for the company was not immediately available for comment. Despite its strong market positioning, attractive assets and competitive advantages, WEX has underperformed and lagged behind peers, including Corpay (CPAY.N), opens new tab, Impactive said earlier this month in a public letter to shareholders. In an effort to exert pressure, Impactive said on May 2 that it would vote against three directors, including the company's chair, Melissa Smith, and lead director, Jack VanWoerkom, at the May 15 meeting. While all three were re-elected, shareholders' significant votes "against" the directors signal concern. Impactive has only run one proxy fight during its seven-year lifetime and said publicly at conferences that it prefers to engage with companies and management privately to fix problems. Two years ago Impactive settled a proxy fight with Envestnet when the financial technology company added three new directors, including Impactive co-founder Lauren Taylor Wolfe. But Impactive is eyeing a potential second board challenge by taking on WEX because it worries the company and its advisors are ignoring shareholders' wishes, the source said. It is considering nominating at least four directors because of the board's size, the person said.
Business Wire
21-05-2025
- Business
- Business Wire
WEX to Present at the William Blair 45th Annual Growth Stock Conference
PORTLAND, Maine--(BUSINESS WIRE)--WEX Inc. (NYSE: WEX), the global commerce platform that simplifies the business of running a business, today announced that its Chair and Chief Executive Officer, Melissa Smith, will present at the William Blair 45th Annual Growth Stock Conference on Wednesday, June 4, at approximately 4:20 PM ET. A webcast of the presentation will be available live on the Investor Relations section of the Company's website, or through the link here. For those unable to listen to the live webcast, an audio replay will also be available on the Company's website for up to 30 days. About WEX WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential. For more information, please visit
Yahoo
29-03-2025
- Business
- Yahoo
Renaissance Large Cap Growth Strategy Sold WEX (WEX) Amid Deteriorating Fundamental Factors
Renaissance Investment Management, an investment management company, released its Q4 2024 'Large Cap Growth Strategy' investor letter. A copy of the letter can be downloaded here. US stocks delivered robust results in the fourth quarter with the S&P 500 reporting positive results for the fifth consecutive quarter. The stocks rose after Trump's election due to optimism for corporate earnings growth, but December's hawkish Fed comments dampened enthusiasm by lowering rate cut expectations for 2025. In the fourth quarter, the Russell 1000 Growth gained +7.1%, compared to a 2.4% return for the S&P 500. Large-cap stocks outperformed both mid and small-cap stocks, and Growth significantly outperformed Value. The returns were largely driven by a small group of mega-cap technology companies, as interest in AI-related stocks remains strong. Against this backdrop, the strategy outperformed the S&P 500 and underperformed the Russell 1000 Growth in the fourth quarter. For more information on the fund's best picks in 2024, please check its top five holdings. In its fourth quarter 2024 investor letter, Renaissance Large Cap Growth Strategy emphasized stocks such as WEX Inc. (NYSE:WEX). WEX Inc. (NYSE:WEX) is a commerce platform operator that offers payment processing and information management solutions. The one-month return of WEX Inc. (NYSE:WEX) was -1.13%, and its shares lost 34.61% of their value over the last 52 weeks. On March 27, 2025, WEX Inc. (NYSE:WEX) stock closed at $155.32 per share with a market capitalization of $6.029 billion. Renaissance Large Cap Growth Strategy stated the following regarding WEX Inc. (NYSE:WEX) in its Q4 2024 investor letter: "Conversely, we sold our position in WEX Inc. (NYSE:WEX) following a deterioration in fundamental factors. The stock has been under pressure following several quarters of disappointing operating results, with the company citing macroeconomic volatility and higher fuel prices affecting consumer spending behavior, leading to a deceleration in transactional volume growth. Meanwhile operating expenses remain elevated, pressuring core margins, while the loss of a large customer earlier in the year continues to create growth headwinds for the company. We believe that the prudent decision was to step aside until we see evidence of stabilization or improvement in operating metrics." An executive standing in front of a large monitor that shows payment processing information. WEX Inc. (NYSE:WEX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 36 hedge fund portfolios held WEX Inc. (NYSE:WEX) at the end of the fourth quarter compared to 29 in the third quarter. In the fourth quarter, WEX Inc. (NYSE:WEX) generated $637 million in revenue, representing a 4% decrease year-over-year. While we acknowledge the potential of WEX Inc. (NYSE:WEX) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock. We covered WEX Inc. (NYSE:WEX) in another article, where we shared Janus Henderson Enterprise Fund's views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 2024 page for more investor letters from hedge funds and other leading investors. READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks. Disclosure: None. This article is originally published at Insider Monkey.
