{"id":953499,"date":"2026-04-21T18:08:08","date_gmt":"2026-04-21T22:08:08","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/leading-independent-proxy-advisory-firm-glass-lewis-supports-impactives-case-for-change-at-wex\/"},"modified":"2026-04-21T18:08:08","modified_gmt":"2026-04-21T22:08:08","slug":"leading-independent-proxy-advisory-firm-glass-lewis-supports-impactives-case-for-change-at-wex","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/leading-independent-proxy-advisory-firm-glass-lewis-supports-impactives-case-for-change-at-wex\/","title":{"rendered":"Leading Independent Proxy Advisory Firm Glass Lewis Supports Impactive\u2019s Case for Change at WEX"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwleftsingle { border-left: solid black 1pt }\n.bwlistdisc { list-style-type: disc }\n.bwpadl0 { padding-left: 0px }\n.bwrightsingle { border-right: solid black 1pt }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwtopsingle { border-top: solid black 1pt }\n.bwuline { text-decoration: underline }\n.bwvertalignt { vertical-align: top }\n.bwwidth100 { width: 100% }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Leading Independent Proxy Advisory Firm Glass Lewis Supports Impactive\u2019s Case for Change at WEX<\/b><\/p>\n<p class=\"bwalignc\"><i>Glass Lewis Recommends Shareholders Vote <span class=\"bwuline\">FOR<\/span> Impactive Nominees Kurt Adams and Lauren Taylor Wolfe and <span class=\"bwuline\">WITHHOLD<\/span> Support on WEX Board Chair and CEO Melissa Smith and Compensation Committee Chair Stephen Smith<\/i><\/p>\n<p class=\"bwalignc\"><i>Concludes that Separation of CEO and Chair Role is in Shareholders\u2019 Interests in Light of Sustained Underperformance Under Melissa Smith\u2019s Tenure<\/i><\/p>\n<p class=\"bwalignc\"><i>Determines Impactive Has \u201cArticulated a Coherent Set of Concerns Regarding Oversight and Capital Allocation\u201d<\/i><\/p>\n<p class=\"bwalignc\"><i>Impactive Urges Shareholders to Vote on the WHITE Proxy Card to Elect All Three of Its Highly Qualified Nominees<\/i><\/p>\n<p>NEW YORK&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nImpactive Capital, LP (\u201cImpactive\u201d or \u201cwe\u201d), together with its affiliates, is one of the largest shareholders of WEX Inc. (NYSE: WEX) (the \u201cCompany\u201d or \u201cWEX\u201d) with an ownership interest of approximately 4.9%. Impactive announced today that leading proxy advisory firm Glass, Lewis &amp; Co. (\u201cGlass Lewis\u201d) has recommended that shareholders vote on the WHITE proxy card FOR the election of Impactive director nominees Kurt Adams and Lauren Taylor Wolfe to the Company\u2019s Board of Directors (the \u201cBoard\u201d) and WITHHOLD on Board Chair and CEO Melissa Smith and director and Compensation Committee Chair Stephen Smith.<\/p>\n<p>\nImpactive stated:<\/p>\n<p>\n\u201cWe appreciate Glass Lewis\u2019 recognition of the merits of our case for change and its recommendation that shareholders vote to elect Kurt Adams and Impactive principal and significant shareholder representative Lauren Taylor Wolfe to WEX\u2019s Board. Glass Lewis\u2019 report is unequivocal: WEX\u2019s persistent underperformance, poor capital allocation, and insufficient Board oversight demand new voices in the boardroom \u2014 directors aligned with shareholders and accountable for results. Glass Lewis\u2019 recommendation to separate the Chair and CEO roles by withholding support from Melissa Smith is particularly notable, highlighting the critical importance of reversing the Company\u2019s prolonged underperformance and governance shortcomings. Electing all three of our highly qualified nominees is the most effective path to strengthening oversight, improving capital allocation, and positioning WEX to deliver sustainable shareholder value.\u201d<\/p>\n<p>\nIn its report, Glass Lewis supported Impactive\u2019s case for change, writing:<sup>1<\/sup><\/p>\n<ul class=\"bwlistdisc\">\n<li>\n\u201c[Impactive] has articulated a credible case for enhanced oversight, and the performance record, while not uniformly negative, reflects a sustained period of relative underperformance against the most relevant comparators over long- and medium-term horizons that the Company has not fully rebutted through its operational narrative.\u201d<\/p>\n<\/li>\n<li>\n\u201cGiven that [Impactive\u2019s] campaign has demonstrated credibility, appears to have contributed to a more favorable market reassessment, and has articulated a coherent set of concerns regarding oversight and capital allocation, shareholders are justified in concluding that direct Impactive representation on the board is appropriate.\u201d<\/p>\n<\/li>\n<\/ul>\n<p>\nGlass Lewis commented on the qualifications of Impactive\u2019s nominees:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\n\u201c[Lauren Taylor Wolfe\u2019s] direct involvement in the campaign and investment thesis provides clear alignment with the perspectives advanced in support of change, as well as detailed familiarity with the Company\u2019s strategy, performance, and perceived areas of improvement.\u201d<\/p>\n<\/li>\n<li>\n\u201c[Kurt Adams] brings relevant financial services, regulatory, and governance experience that appears additive to the board, and his independence from both the Company and [Impactive] should enable him to contribute constructively while reinforcing board accountability.\u201d<\/p>\n<\/li>\n<\/ul>\n<p>\nIn making its recommendation to withhold on Melissa Smith and Stephen Smith, Glass Lewis wrote the following:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\n\u201cThe combination of the chair and CEO roles, the level of shareholder dissent observed in 2025, and the Company\u2019s sustained underperformance over [Melissa Smith&#8217;s] tenure as chair together support the conclusion that greater separation between executive leadership and board oversight is in shareholders\u2019 interests.\u201d<\/p>\n<\/li>\n<li>\n\u201cIn this context, it is relevant that [Impactive\u2019s] proposal relates to Ms. Smith\u2019s position as chair, rather than her executive role. Should she not be re-elected to the board, Ms. Smith would continue to serve as CEO.\u201d<\/p>\n<\/li>\n<li>\n\u201c&#8230; [Impactive] has articulated a range of governance and performance-related concerns &#8230; with respect to leadership accountability, compensation oversight, and board responsiveness. These concerns appear most directly attributable to Melissa Smith, given her combined executive and board leadership role.\u201d<\/p>\n<\/li>\n<li>\n\u201cAs chair of the Compensation Committee, [Stephen Smith] bears direct responsibility for a compensation framework that the Dissident has credibly argued has not adequately reflected shareholder experience over the relevant period.\u201d<\/p>\n<\/li>\n<\/ul>\n<p>\nGlass Lewis commented on WEX\u2019s poor corporate governance underscored by low shareholder support at the 2025 AGM, stating:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\n\u201cThe level of shareholder dissent observed at the 2025 annual meeting, particularly with respect to the Company\u2019s leadership, suggests that the Dissident\u2019s concerns resonated with a meaningful portion of the shareholder base and that a degree of board-level accountability is warranted.\u201d<\/p>\n<\/li>\n<li>\n\u201c&#8230;Ms. Smith received more than 30% votes against her re-election in 2025, which constitutes a significant level of shareholder opposition. This outcome followed the Dissident\u2019s 2025 campaign opposing her re-election, suggesting that the level of dissent may, at least in part, reflect shareholder alignment with the concerns advanced by the Dissident. Under prevailing market standards, dissent exceeding 20% is generally viewed as a meaningful signal of investor concern.&#8221;<\/p>\n<\/li>\n<\/ul>\n<p>\nFor more information, including how to vote for Impactive\u2019s three nominees using the <b>WHITE <\/b>proxy card, please visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.WakeUpWEX.com&amp;esheet=54520203&amp;newsitemid=20260421882945&amp;lan=en-US&amp;anchor=www.WakeUpWEX.com&amp;index=1&amp;md5=4aae0e9d6f0e5e165150e8539ad398a7\">www.WakeUpWEX.com<\/a>.<\/p>\n<table cellspacing=\"0\" class=\"bwtopsingle bwsinglebottom bwleftsingle bwrightsingle bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignt bwtopsingle bwleftsingle bwrightsingle bwpadl0 bwwidth100 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>If you have any questions, require assistance in voting your WHITE universal proxy card, or need additional copies of Impactive\u2019s proxy materials, please contact:<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwleftsingle bwrightsingle bwpadl0 bwwidth100\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwleftsingle bwrightsingle bwpadl0 bwwidth100 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nOkapi Partners LLC<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwleftsingle bwrightsingle bwpadl0 bwwidth100 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n1212 Avenue of the Americas, 17th Floor<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwleftsingle bwrightsingle bwpadl0 bwwidth100 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nNew York, New York 10036<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwleftsingle bwrightsingle bwpadl0 bwwidth100 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nStockholders may call toll-free: (877) 285-5990<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwleftsingle bwrightsingle bwpadl0 bwwidth100 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nBanks and Brokers call: (212) 297-0720<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwleftsingle bwrightsingle bwpadl0 bwwidth100 bwalignc bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nE-mail: <a rel=\"nofollow\" href=\"mailto:info@okapipartners.com\">info@okapipartners.com<\/a><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\nADDITIONAL INFORMATION<\/p>\n<p>\nImpactive Capital Master Fund LP, together with the other participants in its proxy solicitation (collectively, \u201cImpactive\u201d), has filed a definitive proxy statement and accompanying WHITE universal proxy card with the Securities and Exchange Commission (\u201cSEC\u201d) to be used to solicit proxies with respect to the election of Impactive\u2019s slate of highly qualified director candidates and the other proposals to be presented at the 2026 annual meeting of stockholders (the \u201cAnnual Meeting\u201d) of WEX Inc., a Delaware corporation (\u201cWEX\u201d or the \u201cCompany\u201d). Stockholders are advised to read the proxy statement and any other documents related to the solicitation of stockholders of the Company in connection with the Annual Meeting because they contain important information, including information relating to the participants in Impactive\u2019s proxy solicitation. These materials and other materials filed by Impactive with the SEC in connection with the solicitation of proxies are available at no charge on the SEC\u2019s website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=54520203&amp;newsitemid=20260421882945&amp;lan=en-US&amp;anchor=http%3A%2F%2Fwww.sec.gov&amp;index=2&amp;md5=07d9081bf31d43c3ee2cd83e4659fd86\">http:\/\/www.sec.gov<\/a>. The definitive proxy statement and other relevant documents filed by Impactive with the SEC are also available, without charge, by directing a request to Impactive\u2019s proxy solicitor, Okapi Partners LLC, at its toll-free number (877) 285-5990 or via email at <a rel=\"nofollow\" href=\"mailto:info@okapipartners.com\">info@okapipartners.com<\/a>.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n____________________<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p><sup>1<\/sup> Permission to quote Glass Lewis was neither sought nor received. Emphasis added.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20260421882945r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20260421882945\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20260421882945\/en\/<\/a><\/span><\/p>\n<p>\nInvestor Contacts:<br \/>\n<br \/>Bruce Goldfarb \/ Chuck Garske \/ Lisa Patel<br \/>\n<br \/>Okapi Partners<br \/>\n<br \/>(877) 285-5990<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:info@okapipartners.com\">info@okapipartners.com<\/a><\/p>\n<p>\nOR<\/p>\n<p><a rel=\"nofollow\" href=\"mailto:info@impactivecapital.com\">info@impactivecapital.com<\/a><\/p>\n<p>\nMedia Contact:<br \/>\n<br \/>Longacre Square Partners<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:impactive@longacresquare.com\">impactive@longacresquare.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> New York United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Asset Management Professional Services Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\" \/>\n","protected":false},"excerpt":{"rendered":"<p>Leading Independent Proxy Advisory Firm Glass Lewis Supports Impactive\u2019s Case for Change at WEX Glass Lewis Recommends Shareholders Vote FOR Impactive Nominees Kurt Adams and Lauren Taylor Wolfe and WITHHOLD Support on WEX Board Chair and CEO Melissa Smith and Compensation Committee Chair Stephen Smith Concludes that Separation of CEO and Chair Role is in Shareholders\u2019 Interests in Light of Sustained Underperformance Under Melissa Smith\u2019s Tenure Determines Impactive Has \u201cArticulated a Coherent Set of Concerns Regarding Oversight and Capital Allocation\u201d Impactive Urges Shareholders to Vote on the WHITE Proxy Card to Elect All Three of Its Highly Qualified Nominees NEW YORK&#8211;(BUSINESS WIRE)&#8211; Impactive Capital, LP (\u201cImpactive\u201d or \u201cwe\u201d), together with its affiliates, is one of the largest shareholders of WEX &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/leading-independent-proxy-advisory-firm-glass-lewis-supports-impactives-case-for-change-at-wex\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Leading Independent Proxy Advisory Firm Glass Lewis Supports Impactive\u2019s Case for Change at WEX&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-953499","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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