Feb 9 (Reuters) – Impactive Capital has nominated four candidates for election to the board of WEX at its upcoming annual shareholders' meeting, the activist investor said on Monday, ramping up pressure on the fintech company. Impactive, which owns 6.4% of WEX, said its nominations would bring fresh perspectives and relevant expertise, restoring investor confidence and improving shareholder returns. WEX, which has a market value of $5.5 billion, saw its share price rise 1.1% on Monday after the Impactive news. The activist investor's nominees are Kurt Adams, Ellen Alemany, Ken Cornick and Lauren Taylor Wolfe, whose combined experience spans areas including payments, financial services and governance. Reuters reported in late 2025 that Impactive had selected a handful of director candidates with experience in banking and payments to serve on WEX's board. WEX's services include payment processing and information management for vehicle fleets, employee benefits, business payments, and travel payments. "We cannot afford another year of value destruction under a board that appears determined to avoid accountability and is unwilling to act with urgency," Impactive said, adding that the "widening gap versus its closest peer, Corpay, is increasingly alarming." The activist investor added that it had urged WEX's board to hold management accountable and focus on disciplined pricing, cost efficiency and simplifying the business to improve returns and unlock shareholder value. WEX said in a statement that the company has engaged with Impactive "dozens of times" and has considered the hedge fund's input on strategy, capital allocation and board composition. "WEX has taken decisive actions to strengthen its performance and closed 2025 with record revenue, accelerating earnings growth, and clear momentum," a representative for the company said, adding that even as the company is not satisfied with its stock price, WEX has outperformed its industry peer group year to date and over the one- and five-year trailing periods. WEX's share price is down 27% over the last five years. Instead, the company has pursued mergers and acquisitions with questionable strategic fits, Impactive said. (Reporting by Prakhar Srivastava in Bengaluru and Svea Herbst-Bayliss in Boston; Editing by Jonathan Ananda and Mark Porter)
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