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The prepaid card marketer Green Dot Corp. announced Monday that it has hired a Visa Inc. veteran, John MacIlwaine, to be its new chief information officer.
December 5 -
The Fed's approval marks the first time a prepaid card company has been allowed to buy a bank. Fed Gov. Duke objected, warning that the deal was too risky.
November 23 -
Green Dot Corp. is licking its lips over banks' new debit card fees, but the prepaid card company still doesn't know quite how large its eventual meal will be.
October 28
Green Dot Corp. president of cards and network Mark Troughton has resigned, the prepaid card company said Wednesday.
The Monrovia, Calif., card company said Troughton will "
Troughton has been with Green Dot almost since its inception. He took the company through its initial public offering in 2010, and late last year saw it become the
"He was the No. 2 guy at the company, and his interest was in start-ups," said Wedbush analyst Gil B. Luria. "He got to a point where his mission [at Green Dot] was complete."
After he leaves, Troughton's responsibilities will be split between two executive vice president positions. Kostas Sgoutas and Eric Duehring, both Green Dot division heads, will be promoted to those newly created posts.
In a press release, Green Dot CEO Streit cited the "almost nine years" he and Troughton spent together "as friends and partners" and said, "While we will all miss Mark, I am confident that Eric and Kostas will energize our revenue initiatives company-wide."
But some industry analysts raised their eyebrows at yet another executive-level departure at Green Dot. The company has lost several executives since the summer, says Thomas C. McCrohan, managing director for equity research at Janney Montgomery Scott in Philadelphia.
"In the last few months you saw the head of marketing leave [and] the head of IT," he says.
Troughton's departure is "likely not incrementally positive" for Green Dot, he adds.