Green Dot cards and network president Troughton quits

Source: Green Dot

Green Dot Corporation (NYSE: GDOT), a provider of widely distributed, low cost banking and payment solutions to a broad base of U.S. consumers, announced the resignation of Mark Troughton, President, Cards and Network of Green Dot Corporation.

Mark will continue to serve Green Dot through the end of January 2012 after which point he plans to pursue new start up opportunities.

Previously, the Company's primary revenue divisions underneath Mr. Troughton were led by Kostas Sgoutas (Private Label) and Eric Duerhing (Green Dot Brand). Following Mr. Troughton's resignation, Kostas Sgoutas and Eric Duehring will assume two new Executive Vice President positions and will report directly to Green Dot's Chairman and Chief Executive Officer, Steve Streit.

Mr. Sgoutas will now hold the position of Chief Product Officer, Executive Vice President for Non-Retail Customer Acquisition. In this capacity, Kostas will be responsible for Green Dot's non-retail customer acquisition channels, including Green Dot's online properties, its Government channel and future new channels. Additionally, Mr. Sgoutas will be responsible for the Green Dot Network and will oversee Green Dot's product development and management functions company-wide.

Mr. Duehring will now hold the position of Chief Marketing Officer, Executive Vice President of Retail Customer Acquisition. In this capacity, Eric will be responsible for Green Dot's retail customer acquisition channels, including Walmart. Mr. Duehring will also oversee Green Dot's branding, marketing and advertising functions company-wide.

Mr. Streit offered the following remarks about these senior management changes. "During almost nine years together as friends and partners, Mark Troughton and I celebrated many triumphs and shared numerous personal and professional milestones, including our 2010 IPO, as we built this company into what it is today. I am quite sure Mark's influence and impact on Green Dot will endure for years to come. As his long time business partner and as a large Green Dot investor, I am forever thankful for his many contributions. At the same time, Mark's decision to leave allows for our next generation of talented revenue leaders to grow their careers at Green Dot and assume the positions for which they have been groomed. While we will all miss Mark, I am confident that Eric and Kostas will energize our revenue initiatives company-wide as they approach the business with their own unique vigor and enthusiasm." 

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