An investment company is seeking to dislodge three directors at WEX, a major payments provider for fleets. The company, Impactive Capital Master Fund LP and its affiliates, urged “no” votes last year on three candidates. But those directors ultimately won. This year, Impactive is putting up its own slate of candidates and is targeting three incumbents including current CEO and chairwoman Melissa Smith. In a proxy filing Friday with the Securities & Exchange Commission, Impactive Capital Master Fund LP and affiliates said it had been “significant stockholders” in WEX (NYSE: WEX) for five years. WEX, in its 10-K report filed to the Securities and Exchange Commission this year, described its Mobility segment as a “global leader in fleet payment solutions, transaction processing, and information management.” “We support fleets of all sizes globally through our proprietary closed-loop networks and a suite of software solutions that help manage fuel, EV charging, and operational workflows,” the annual 10-K for 2026 said. Impactive, in its proxy, said of its relationship with WEX: “For the length of our investment, we have attempted to maintain an open and collaborative relationship with the company and its board of directors, but in recent years that relationship has been severely strained by the mounting challenges facing the Company and the Board’s apparent unwillingness to take action to hold management accountable for performance.” Five-year shareholders Impactive first invested in WEX in 2021, according to its proxy. The Impactive proxy said it has sought to have WEX place more “stockholder perspectives”…
