FLEETCOR Technologies, Inc. (NYSE: FLT) has announced entry into a cooperation agreement with long term shareholder, the D.E. Shaw Group. FLEETCOR has appointed Rahul Gupta to the Company’s Board of Directors and have agreed to add another director to the Board and agreed to form an ad hoc Strategic Review Committee. This follows the January appointment of Annabelle Bexiga, a tech executive. FLEETCOR will also review its portfolio and business configuration with the goal to drive enhanced shareholder value. The company plans to prioritize this assessment and intends to complete the portfolio review by the end of 2023. “We are pleased to appoint Rahul Gupta to our Board, and welcome new perspectives that will help shape our path forward,” says Ron Clarke, Chairman and CEO of FLEETCOR.
“We appreciate our constructive engagement with Ron and the FLEETCOR Board, along with the addition of Rahul Gupta to the Board. We are pleased that the Company will explore portfolio alternatives to highlight the strength of each of its underlying businesses with the goal of unlocking substantial value for all shareholders. We look forward to our continued collaborative dialogue with the Company,” said Michael O’Mary, Managing Director at D. E. Shaw & Co., L.P.
