Release Details

Source: Steve Greene, Executive Vice President of Corporate Development and Strategy

At FLEETCOR, we remain laser focused on improving our overall corporate governance and enhancing shareholder value. Three recent developments help illustrate our efforts.

Refreshed Board

First, FLEETCOR recently appointed two new board directors to improve the diversity of our board and deepen our skill set in technology.

In January, we welcomed Annabelle Bexiga to our board. Bexiga has held prominent roles as Chief Information Officer at AIG, TIAA, Bain Capital, and J.P. Morgan. Her accomplished career in technology allows her to contribute immediately to FLEETCOR’s technology transformation plans.

Rahul Gupta, who joined the board in March, is the former CEO of RevSpring and group president at Fiserv. He brings a wealth of experience in payments and financial technology. His expertise will help FLEETCOR navigate the evolving landscape of payment solutions and reinforce our position as an industry leader.

Value Creation Plan

Next, we are aggressively pursuing our value creation plan to drive growth, financial results, and stock performance. The plan features multiple initiatives that focus on simplifying the company and claiming a leadership position in the transition to electric vehicles.

Good progress is being made across both areas including consolidating our Fleet business into a single global organization, aligning our Corporate Payments businesses under the Corpay brand, and building and acquiring innovative EV network and technology capabilities.

Strategic Review

Last, we have undertaken a strategic review of our overall portfolio and business configuration with assistance from Goldman Sachs with the goal of unlocking significant value for our shareholders. The portfolio review will assist the Board as it considers various strategic alternatives, including the possible separation of one or more of our businesses.

We are completely aligned with the importance and urgency of enhancing shareholder value and will be providing further updates on the outcome of the strategic review over the coming months.

Conclusion

So, in summary, there’s a lot going on at FLEETCOR and a lot to be excited about. Be sure to check out our latest episode of FLEETCOR News Brief for more on happenings at the company during the first quarter.