The present invention broadly comprises a stator and clutch assembly in a torque converter. The stator has a segment radially disposed between stator blades and a stator axis. The one-way clutch has a plate connected to a hub. The segment forms a portion of the clutch and the stator is axially displaceable to control operation of the clutch. A displacement element urges the stator in a first axial direction. The stator is arranged to move in a second axial direction, opposite the first axial direction, in response to pressure from fluid in the torque converter. In some aspects, the displacement element is selected from the group consisting of a coil spring and a wave spring. In some aspects, the one-way clutch is arranged to disengage when the stator is sufficiently displaced in the first direction and to engage when the stator is sufficiently displaced in the second direction.