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Impactive Capital Prepares Proxy Fight at WEX, Aims to Nominate Four Directors

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Activist investor Impactive Capital is preparing a proxy battle against WEX Inc, signaling growing shareholder discontent over the fintech company’s lagging stock performance and board governance. The firm announced plans to nominate at least four directors to WEX’s board at the 2026 annual meeting.

Impactive, which owns approximately 7% of WEX, has been a shareholder since 2020 and has pushed the $4.5 billion company to take steps to unlock value, including spinning off its benefits segment and adding investor representation to the board.

Mounting Tensions After Annual Meeting

  • The announcement comes just days after WEX’s May 15, 2025 annual meeting.

  • Impactive voted against three board members, including Chair Melissa Smith and Lead Director Jack VanWoerkom, citing a lack of responsiveness to investor feedback.

  • Though all three were re-elected, shareholder support for them dropped by at least 33%, according to a regulatory filing.

WEX’s Performance and Shareholder Frustration

  • WEX’s stock is down 30% over the past 12 months, underperforming industry peers like Corpay.

  • Despite holding a strong position in fleet payments, employee benefits, and travel payments, Impactive says WEX has failed to translate operational strengths into shareholder returns.

  • The firm also criticized WEX’s reluctance to align more closely with shareholder interests, claiming the company had dismissed earlier proposals.

WEX’s Response

In a statement, WEX acknowledged ongoing discussions with Impactive, noting it had “spoken with Impactive’s principals dozens of times” over the past three years. However, the company emphasized that Impactive only requested board representation in late 2024 and reiterated its commitment to continued dialogue.

What’s Next

  • Impactive is escalating publicly after years of private engagement.

  • Unless WEX takes “significant steps to reverse underperformance”, the investor says it will proceed with its board nominations for 2026.

  • Impactive has a history of avoiding proxy fights, having only pursued one previously, which ended in a settlement with Envestnet.

This development sets the stage for a potentially contentious boardroom showdown in 2026, with increasing investor focus on unlocking value in the competitive fintech space.

Intel Shareholders Approve CEO Compensation and Equity Incentive Plan Amid Leadership Shift

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Intel shareholders on Tuesday approved a new equity incentive plan designed to bolster stock reserves for attracting and retaining talent, as well as a $42 million stock-based compensation package for newly appointed CEO Lip-Bu Tan. The vote took place during the company’s first shareholder meeting under Tan’s leadership.

Intel shares fell 1.6% in early trading, extending a 36% decline over the past year, as investors digest the company’s ongoing leadership and strategic shifts.

Tan, who succeeded Pat Gelsinger in March after the board lost confidence in his high-cost turnaround efforts, will have his compensation tied to Intel’s future stock performance. Tan has already initiated a restructuring plan, which includes flattening the corporate hierarchy, cutting excess middle management, and recalibrating Intel’s artificial intelligence roadmap.

Shareholders also approved the current board of directors, although three members did not seek re-election. Meanwhile, three shareholder proposals were rejected, including:

  • A call to reassess Intel’s operations in Israel,

  • A demand for new charitable giving transparency, and

  • A proposal to allow shareholders to act by written consent.

Tan said he plans to capitalize on Intel’s established positions in the PC and data center markets to deliver more competitive AI products, signaling a strategic refocus in an increasingly crowded chip landscape.

SAP Overtakes Novo Nordisk as Europe’s Largest Company by Market Capitalization

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German software giant SAP has surpassed Danish healthcare company Novo Nordisk as Europe’s largest company by market capitalization. As of 0900 GMT on Monday, SAP’s market cap stood at $340 billion, edging out Novo Nordisk, according to Reuters’ calculations using LSEG Workspace data.

SAP, Europe’s leading software maker, specializes in business application software, serving various industries in functions like finance, sales, and supply chain management. Its growth is largely attributed to optimism surrounding its cloud business, with expectations that it will benefit significantly from recent investments in generative artificial intelligence. Despite a 7% increase in SAP’s stock price in 2025, which lags behind the broader European STOXX 600 index’s 8.3% rise year-to-date, the company has posted a remarkable 160% total return since the end of 2022, far outpacing the STOXX 600’s 28% performance.

In contrast, Novo Nordisk has seen recent underperformance, especially after disappointing trial results from its experimental obesity drug, Cagrisema. The healthcare company had previously surpassed luxury goods giant LVMH in September 2023 to become Europe’s largest company but has since struggled to maintain that lead.