Concerned Shareholders of Oportun Financial Corporation Reiterate Call for Nominating, Governance and Social Responsibility Committee Chair Ginny Lee to Resign
Concerned Shareholders of Oportun Financial (NASDAQ: OPRT) have reiterated their call for Ginny Lee, Chair of the Nominating, Governance and Social Responsibility Committee, to resign from the Board of Directors. The group, led by Bradley Radoff and Josh Schechter, cites significant value destruction during Lee's tenure and an apparent inability to hold management accountable. Key points include:
1. -87.68% total shareholder return since Lee joined the Board in 2021, underperforming peers and indices.
2. Concerns over executive compensation practices.
3. Lee's lack of prior public company board experience.
4. Only 28.4% of outstanding shares supported Lee's re-election at the 2024 Annual Meeting.
The shareholders argue that Lee's continuation on the Board is not in the best interests of the company and its investors, urging her immediate resignation.
Gli azionisti preoccupati di Oportun Financial (NASDAQ: OPRT) hanno ribadito la loro richiesta di dimissioni dalla Board of Directors per Ginny Lee, Presidente del Comitato per le Nomine, Governance e Responsabilità Sociale. Il gruppo, guidato da Bradley Radoff e Josh Schechter, cita una significativa distruzione di valore durante il mandato di Lee e una apparente incapacità di ritenere la direzione responsabile. I punti chiave includono:
1. -87.68% di rendimento totale per gli azionisti da quando Lee è entrata a far parte della Board nel 2021, con performance inferiore rispetto ai concorrenti e agli indici.
2. Preoccupazioni riguardo alle pratiche di compenso degli executive.
3. La mancanza di esperienza di Lee in altri consigli di amministrazione di società pubbliche.
4. Solo il 28.4% delle azioni in circolazione ha sostenuto la rielezione di Lee all'Assemblea Annuale del 2024.
Gli azionisti sostengono che la continuazione di Lee nella Board non sia nel migliore interesse dell'azienda e dei suoi investitori, esortandola a dimettersi immediatamente.
Los accionistas preocupados de Oportun Financial (NASDAQ: OPRT) han reiterado su solicitud de que Ginny Lee, presidenta del Comité de Nominaciones, Gobernanza y Responsabilidad Social, renuncie a la Junta Directiva. El grupo, liderado por Bradley Radoff y Josh Schechter, cita una significativa destrucción de valor durante el mandato de Lee y una aparente incapacidad para hacer responsable a la dirección. Los puntos clave incluyen:
1. -87.68% de retorno total para los accionistas desde que Lee se unió a la Junta en 2021, por debajo de sus pares y de los índices.
2. Preocupaciones sobre las prácticas de compensación de ejecutivos.
3. La falta de experiencia previa de Lee en juntas de compañías públicas.
4. Solo el 28.4% de las acciones en circulación apoyaron la reelección de Lee en la Reunión Anual de 2024.
Los accionistas argumentan que la continuidad de Lee en la Junta no es lo mejor para la compañía y sus inversionistas, instándola a renunciar de inmediato.
우려하는 Oportun Financial (NASDAQ: OPRT)의 주주들은 지명, 거버넌스 및 사회적 책임 위원회의 의장인 진니 리에게 이사직에서 사퇴할 것을 재차 촉구했습니다. 브래들리 라도프와 조시 쉐크터가 이끄는 이 그룹은 리가 재임하는 동안의 가치 파괴와 경영진을 책임지지 못하게 하는 명백한 무능력을 지적합니다. 주요 사항은 다음과 같습니다:
1. 리가 2021년 이사회에 합류한 이후 -87.68%의 총 주주 수익률로, 동종 업계와 지수들을 하회하고 있습니다.
2. 경영진 보상 관행에 대한 우려.
3. 리의 이전 공개 회사 이사회 경험 부족.
4. 28.4%의 발행 주식만이 2024년 연례 총회에서 리의 재선을 지지했습니다.
주주들은 이사회에서의 리의 지속이 회사 및 투자자에게 최선의 이익이 아니라고 주장하며, 즉각적인 사퇴를 촉구합니다.
Les actionnaires inquiets d'Oportun Financial (NASDAQ: OPRT) ont réitéré leur demande de démission de Ginny Lee, présidente du Comité de nomination, de gouvernance et de responsabilité sociale du Conseil d'administration. Le groupe, dirigé par Bradley Radoff et Josh Schechter, cite une destruction significative de valeur pendant le mandat de Lee et une incapacité apparente à tenir la direction responsable. Les points clés incluent :
1. -87.68% de rendement total pour les actionnaires depuis que Lee a rejoint le Conseil en 2021, sous-performant par rapport à ses pairs et aux indices.
2. Inquiétudes concernant les pratiques de rémunération des dirigeants.
3. Le manque d'expérience antérieure de Lee dans d'autres conseils d'administration d'entreprises publiques.
4. Uniquement 28.4% des actions en circulation ont soutenu la réélection de Lee lors de l'Assemblée générale annuelle de 2024.
Les actionnaires soutiennent que la poursuite du mandat de Lee au Conseil n'est pas dans le meilleur intérêt de l'entreprise et de ses investisseurs, et l'exhortent à démissionner immédiatement.
Besorgte Aktionäre von Oportun Financial (NASDAQ: OPRT) haben ihre Aufforderung an Ginny Lee, die Vorsitzende des Nominierungs-, Governance- und Sozialverantwortungsausschusses, erneuert, von ihrem Posten im Vorstand zurückzutreten. Die Gruppe, angeführt von Bradley Radoff und Josh Schechter, nennt signifikante Wertvernichtung während Lees Amtszeit und eine offensichtliche Unfähigkeit, das Management zur Verantwortung zu ziehen. Wichtige Punkte umfassen:
1. -87.68% Gesamtrendite für die Aktionäre seit Lees Eintritt in den Vorstand im Jahr 2021, schwächer als Mitbewerber und Indizes.
2. Bedenken hinsichtlich der Vergütungspraxis von Führungskräften.
3. Lees Mangel an Erfahrung in anderen öffentlichen Unternehmensvorständen.
4. Nur 28.4% der ausstehenden Aktien unterstützten Lees Wiederwahl bei der Jahresversammlung 2024.
Die Aktionäre argumentieren, dass Lees Fortsetzung im Vorstand nicht im besten Interesse des Unternehmens und seiner Investoren ist, und fordern ihren sofortigen Rücktritt.
- None.
- Oportun's total shareholder return of -87.68% since 2021, significantly underperforming peers and indices
- Only 28.4% of outstanding shares supported Ginny Lee's re-election at the 2024 Annual Meeting
- Concerns over executive compensation practices not aligned with company performance
- Apparent failure of the Board to hold management accountable for value destruction
Group Outlines Reasons Why Ms. Lee Should Resign, Including Significant Value Destruction During Her Tenure and an Apparent Inability to Hold Management Accountable
Reminds Ms. Lee That She Failed to Receive Support from a Majority of the Outstanding Shares in Uncontested Election at the 2024 Annual Meeting
***
August 22, 2024
Oportun Financial Corporation
2 Circle Star Way
Attention: Ginny Lee, Member of Oportun Financial Corporation’s Board of Directors
Dear Ms. Lee,
We are writing to follow up on our July 25th letter to the Board in which we called for you to resign. Your track record as a director, as Chair of the Nominating, Governance and Social Responsibility Committee and as a member of the Compensation and Leadership Committee has been marked by poor financial results and an apparent failure to hold management accountable for significant value destruction.
We believe you should immediately resign from Oportun’s Board based on the following points:
-
During your tenure on the Board, Oportun has destroyed significant shareholder value and underperformed its peers and relevant indices. Since you joined the Board in 2021, Oportun has delivered a -
87.68% total shareholder return, while OneMain Holdings (NYSE: OMF) and the Russell 2000 returned8.46% and -1.08% , respectively.1 - As a member of the Compensation and Leadership Committee, you bear responsibility for signing off on rewarding CEO Raul Vazquez with outsized compensation for poor financial results, given that the Company’s executive compensation program is largely based on non-GAAP metrics.
- It is apparent to us that you are not able to objectively oversee management because you lack a strong understanding of what it means to serve as a director. Your lack of prior public company board experience only adds to our concerns about your ability to effectively govern.
-
Just
28.4% of the total outstanding shares supported your uncontested re-election at the 2024 Annual Meeting of Shareholders. Without the votes of Findell Capital Management, which was legally obligated to vote for you, you only received support from21.9% of the total outstanding shares. This represents a clear message from shareholders that you should assume accountability for your apparent failure to act in the best interests of the Company and its investors.
Shareholders deserve better than a director who refuses to make the necessary changes to improve Oportun. A continuation of the dismal status quo is not acceptable to investors who have already suffered significant value destruction. We urge you to do the right thing by resigning from the Board immediately.
Sincerely,
Brad Radoff & Josh Schechter
1 Bloomberg. Total shareholder return data runs from September 1, 2021 through August 21, 2024.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240822000231/en/
Greg Lempel
greg@fondrenlp.com
Source: On behalf of Bradley L. Radoff and Josh Schechter
FAQ
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