Impactive Capital issues letter to WEX shareholders

Impactive Capital, one of the largest shareholders of Wex (WEX), issued an open letter to the Company’s shareholders. “Impactive Capital LP is a large and longstanding shareholder of WEX, beneficially owning approximately 7.0% of the shares outstanding. As one of WEX’s largest and most committed shareholders – our ownership position is more than five times that of the entire board of directors and executive officers combined- we are deeply invested in the Company’s long-term success. We believe that with the right change and improved shareholder alignment, WEX can deliver significant value to all stakeholders. As further detailed below, we have privately and constructively engaged with the Board and management for the past four years. At the end of 2024 and after a period of deteriorating performance, we requested that an Impactive representative be added to the Board to bring a much-needed shareholder perspective. Unfortunately, the Board and management have seemingly ignored our feedback and refused to act with sufficient urgency to address the ongoing issues at the Company. Accordingly, we have determined that it is necessary to vote AGAINST three incumbent directors – Jack VanWoerkom, Melissa Smith, and James Neary – to send a clear message that refreshed Board representation, including a shareholder voice, is urgently needed. We believe this is the only meaningful way for us as a large shareholder to demand necessary change at WEX… While our engagement to date has not resulted in the progress we had hoped for, we remain committed to working productively and collaboratively with the Board and management to help WEX achieve its full potential… However, should the Board continue to rebuff us, we must reserve our rights to take any action that we believe necessary to protect shareholder interests, including nominating directors at next year’s annual meeting.”