Findell Capital Management Responds to Oportun's Recent Board Size Changes Amidst Growing Tensions

Recent Developments at Oportun Financial

In a bold move, Oportun Financial Corporation has announced a significant reduction in its Board of Directors from ten to eight members, stirring considerable reactions from major stakeholders. One of the most vocal critics of this decision is Findell Capital Management LLC, which holds the largest share of Oportun's stock.

Findell Capital Management, including its affiliates, collectively controls a significant percentage of shares in Oportun. The recent announcement from Oportun includes that directors Scott Parker and R. Neil Williams will not be standing for reelection at the upcoming 2025 Annual Meeting of Stockholders. This decision has raised alarms among investors and advocates for corporate governance, particularly as Findell believes it signals a troubling trend of entrenchment within the company's leadership.

Legacy Board Members Under Fire

Brian Finn, the Founder and Chief Investment Officer of Findell, expressed his disappointment regarding the board's actions. Finn pointed out that while reducing board size can be seen as a positive step toward streamlining governance, the decision not to re-nominate Scott Parker is concerning. Parker, a former CFO with extensive experience in consumer lending, was credited with improving the company's performance during his tenure on the board. Finn argued that the legacy board members appear intent on retaining control, potentially at the expense of better governance and oversight that could come with new, independent directors.

In previous years, Finn has advocated for more qualified leadership amidst years of underperformance under CEO Raul Vazquez. Findell's initiative to nominate Warren Wilcox—a seasoned executive in the lending industry—aims to replace Vazquez and bring a fresh perspective to the leadership dynamics at Oportun. Finn stressed the importance of shareholders voicing their concerns and pushing for the necessary changes during upcoming votes.

Call to Action for Shareholders

As the Annual Meeting approaches, Findell has urged fellow shareholders to strongly consider the potential positive impacts of electing Wilcox. In contrast, they have called for accountability regarding Vazquez’s long-serving role, which has been marred by disappointing results and missed opportunities. In light of this, the stakes have never been higher for Oportun's future direction and governance balance.

Findell encourages fellow stockholders to visit their dedicated website to educate themselves about the candidates and the impact of their votes. They have also vowed to provide comprehensive insights into the implications of Vazquez’s leadership as the meeting date approaches, signaling an unwavering commitment to transparency and accountability in the boardroom.

Conclusion: A Pivotal Moment for Oportun

The actions taken by Oportun’s board reflect a critical juncture in the company’s governance, as significant decisions regarding leadership take shape. With Findell leading the charge for change, the upcoming Annual Meeting is set to be a yet another testament to the ongoing struggle for better corporate governance in public companies. The voices of shareholders will resonate in the halls of Oportun, potentially transforming its leadership landscape, as they weigh the options before them and act on their responsibility as stakeholders of the company.