OneMain Financial Elects Toos N. Daruvala to Board of Directors

Rhea-AI Summary

OneMain Financial announced the election of Toos N. Daruvala to its Board of Directors, effective February 14. Daruvala, a Senior Partner Emeritus at McKinsey & Company, brings extensive experience in financial services and analytics. His previous roles include leading various practices at McKinsey and serving as co-CEO of MIO Partners from 2016 to 2021. Doug Shulman, Chairman and CEO, expressed confidence that Daruvala's expertise will significantly benefit the company and its shareholders in improving financial well-being for customers.

Positive

• Toos Daruvala's extensive experience in financial services and risk management may enhance strategic decision-making.
• His addition to the board could provide fresh perspectives and strengthen OneMain's leadership.

Negative

• Potential concerns about continuity and experience gaps due to a new board member.

NEW YORK--(BUSINESS WIRE)-- OneMain Financial, the leader in offering nonprime customers responsible access to credit, today announced that Toos N. Daruvala was elected to its Board of Directors, effective Feb. 14. Daruvala is a Senior Partner Emeritus of McKinsey & Company.

“Toos is an innovative and accomplished executive who will bring significant value to our board and shareholders,” said Doug Shulman, Chairman and CEO of OneMain. “He brings decades of valuable experience in financial services, risk, data and analytics and has a wealth of knowledge in advising top financial services companies. I look forward to working together to advance our mission of improving the financial well-being of hardworking Americans.”

Daruvala joined McKinsey in 1983, was elected Senior Partner in 1995, and retired from the firm in 2015. At McKinsey, Toos led the Americas Risk Management Practice, the Americas Banking and Securities Practice and the build-out of McKinsey’s global Risk Advanced Analytics capability. Over the course of his career, he worked with financial services institutions on a broad range of strategic and operational matters. From 2016 to 2021, he was co-Chief Executive Officer of MIO Partners.

Daruvala currently serves on the Board of the Royal Bank of Canada and is the Chairman of the Risk Committee. He holds seats on a number of other boards, including MIO Partners, the Advisory Board of the Ross School of Business at the University of Michigan and the Board of the New York Philharmonic. He is an adjunct professor and Executive-in-Residence at Columbia Business School.

Daruvala holds an MBA from the University of Michigan and a Bachelor of Technology in Electrical Engineering from the Indian Institute of Technology.

About OneMain Financial

OneMain Financial (NYSE: OMF) is the leader in offering nonprime customers responsible access to credit and is dedicated to improving the financial well-being of hardworking Americans. We empower our customers to solve today’s problems and reach a better financial future through personalized solutions available online and in 1,400 locations across 44 states. OneMain is committed to making a positive impact on the people and the communities we serve. For additional information, please visit www.OneMainFinancial.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220127005769/en/

Media Contact:

Kelly Ogburn

410-537-9028

kelly.ogburn@omf.com

Investor Contact:

Peter Poillon

212-359-2432

peter.poillon@omf.com

Source: OneMain Financial

FAQ

Who has been elected to the OneMain Financial Board of Directors?

Toos N. Daruvala has been elected to the OneMain Financial Board of Directors effective February 14.

What experience does Toos Daruvala bring to OneMain Financial?

Daruvala brings decades of experience in financial services, risk management, and analytics from his time at McKinsey & Company.

What was Toos Daruvala's previous role at McKinsey?

Daruvala was a Senior Partner Emeritus and led various practices, including Risk Management and Banking and Securities.

How might Toos Daruvala's appointment impact OneMain Financial's shareholders?

His appointment could enhance strategic insights and improve decision-making, potentially benefiting shareholders.

When did Toos Daruvala join the OneMain Financial Board?

Toos Daruvala joined the OneMain Financial Board on February 14.