Pressure from US activist hedge fund DE Shaw has prompted Fleetcor Technologies, a provider of fuel cards and workforce payments products, to add two new board members and explore the possible sale of one or more of its businesses, according to a report by Reuters.
Rahul Gupta, a veteran board member director and s in the digital services and payments industry, has already been appointed as a new director, while a second new board member will be chosen jointly by Fleetcor and DE Shaw.
Technology executive Annabelle Bexiga joined Fleetcor’s board in January when the company also said that one of its “longer tenured directors” is set to retire.
Fleetcor, which is valued at $14 billion and is headquartered in Atlanta, has seen its stock price drop 22% over the last year amid concerns about its fuel card business as the automotive industry shifts to electric vehicles.
