off-the-wire

Fleetcor Technologies to eye alternatives, refreshes board

Kitco Media
By Reuters
Published:
Updated:
Reuters
NEW YORK, March 20 Reuters) - Fleetcor Technologies on Monday said it will consider selling or separating one or more of its businesses and is adding two new board members amid pressure from hedge fund D.E. Shaw Group. Fleetcor, which provides fuel cards and workforce payments products, added Rahul Gupta, a veteran board member director and expert in the digital services and payments industry, as a new director.


The company and D.E. Shaw will jointly select a second director who will join the board later.


Fleetcor, which is valued at $14 billion and is headquartered in Atlanta, has seen its stock price drop 22% over the last 52 weeks as investors have become frustrated with how its businesses are linked together.
(Reporting by Svea Herbst-Bayliss, Editing by Louise Heavens)

Messaging: svea.herbst.thomsonreuters.com@reuters.net))
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