FleetCor Undertakes Strategic Portfolio Review, Welcomes Two New Board Members From D. E. Shaw Group

FleetCor Technologies, Inc. FLT has entered into a cooperation agreement with one of its long-term shareholders, the D. E. Shaw group.
As per the agreement, FleetCor elected Rahul Gupta, former CEO of RevSpring, to its Board of Directors. The company also consented to appoint a second director and agreed to create an ad hoc Strategy Review Committee.
These new appointments come after the January appointment of Annabelle Bexiga, a technology executive. It is anticipated that after the appointment of the second new director, one of FLT's longer-tenured directors will retire.
In addition, FLT will review its portfolio and business configuration to drive enhanced shareholder value. The portfolio review will assist the Board as it considers various strategic options, including but not limited to the possible separation of one or more of its businesses.
FLT and the D. E. Shaw group have also agreed to a customary standstill, voting commitments, and other provisions.
Price Action: FLT shares closed higher by 6.35% at $199.08 on Monday.
Photo Via Company