Wex Authorizes $1B Buyback, Names New Board Chair Amid Activist Deal

Dow Jones

May 15

By Katherine Hamilton

Wex authorized a $1 billion share buyback program and named a new board chair.

The buyback program allows the payments company to repurchase stock on a discretionary basis, Wex said Thursday.

Separately, the payments company named David Foss as the new board chair.

The board said earlier this month it planned to separate the roles of chair and chief executive. The separation is part of Wex's cooperation agreement with the activist investor Impactive Capital.

Foss was appointed in January as vice chair and lead independent director after joining the board in November 2025. He is the former chief executive of Jack Henry & Associates.

Melissa Smith will continue to serve as CEO, president and a member of the board, Wex said.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

May 14, 2026 17:21 ET (21:21 GMT)

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