Green Dot (GDOT) said Monday that William Jacobs has been named interim chief executive and Chris Ruppel as interim president of the company.

Ruppel, who will continue to serve as chief revenue officer, has also been named interim CEO and president of the company's Green Dot Bank unit, the company said.

Jacobs and Ruppel succeeded George Gresham, who has ceased serving as CEO and president of the company and the bank and as a member of the company's board, according to the company.

The changes took effect March 7, Green Dot said, adding that Jacobs will continue to serve as board chairman.

The company also said its board has also engaged Citi to start a review of "strategic alternatives," but said no assurances could be given as to the outcome or timing of the process.

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