Findell Capital Reiterates Commitment to Reaching a Good Faith Settlement at Oportun Financial

Rhea-AI Summary

Findell Capital Partners, a major stockholder of Oportun Financial (NASDAQ: OPRT), has expressed frustration with the company's board resistance to settlement discussions and value creation initiatives. The firm criticizes Oportun for spending significant stockholder money to resist board changes and prevent lending experts from taking leadership positions. Findell specifically points to the controversial removal of former OneMain CFO Scott Parker from the board, which they view as an entrenchment tactic. This criticism comes after CEO Raul Vazquez cited OneMain Financial as a model operator, particularly noting their 50% secured lending portfolio as a target for Oportun. Findell continues to push for corporate governance improvements and urges stockholders to vote for Warren Wilcox using the WHITE proxy card.

Positive

• Findell Capital, a major stockholder, is actively pushing for improved corporate governance
• Company has clear strategic direction, aiming to achieve 50% secured lending portfolio similar to OneMain
• Potential for value creation through proposed board changes and governance improvements

Negative

• Board resistance to settlement discussions with major stockholder
• Company spending significant stockholder money on proxy fight
• Controversial removal of experienced lending executive (former OneMain CFO) from board
• Potential corporate governance issues and board entrenchment concerns

Insights

Corporate Governance Analyst

Activist investor Findell Capital is pressuring Oportun's board amid governance dispute, signaling potential leadership changes.

This press release reveals an escalating proxy contest between Findell Capital, a significant stockholder in Oportun Financial (NASDAQ: OPRT), and the company's current board. Findell's public statement indicates a breakdown in private negotiations and highlights what appears to be a contentious battle for board influence. The activist investor's critique centers on the board's decision to remove former OneMain CFO Scott Parker—ironically while CEO Raul Vazquez reportedly cited OneMain as a model operator during a recent investor conference.

The activist campaign focuses on governance concerns and what Findell characterizes as entrenchment by current directors. Particularly noteworthy is Findell's claim that Oportun lacks directors with sufficient lending expertise—a potentially valid criticism given that lending is Oportun's core business. The public nature of this dispute suggests private resolution attempts have failed, with Findell now appealing directly to shareholders to vote for their nominee, Warren Wilcox.

This proxy contest represents a material governance risk for Oportun, as such disputes typically create uncertainty and can distract management from operational execution. However, should Findell succeed in placing directors with stronger lending backgrounds, this could potentially benefit Oportun's strategic direction, especially as the company apparently aims to shift its portfolio mix toward secured personal loans similar to OneMain's model. The outcome of this proxy fight will likely influence Oportun's leadership structure, strategic priorities, and potentially its approach to risk management in its lending operations.

NEW YORK, June 17, 2025 /PRNewswire/ -- Findell Capital Partners, LP, (together with its affiliates, "Findell," "we" or "us") one of the largest stockholders of Oportun Financial Corporation (NASDAQ: OPRT) ("Oportun" or the "Company"), today issued the following statement:

"While we have gone to great lengths to engage privately with the Board on ideas for creating value and a settlement, we have been met with sustained resistance. Oportun is wasting millions of stockholder dollars to fight one of its largest owners and prevent anyone with lending experience from serving in a Board leadership position – which is ironic and confusing because Oportun is a lending company.

As recently as this past week, CEO Raul Vazquez cited OneMain Financial as an example of a best-in-class operator – yet Oportun's legacy directors chose to disgracefully remove former OneMain CFO Scott Parker from the Board in what we view as a desperate attempt to retain control of the Company. ¹ We believe the Board's recent actions are indicative of its own entrenchment and put stockholders at long-term risk.

Findell continues to seek a compromise to resolve this situation in a manner that can benefit all the Company's stockholders. To that end, we would agree to a framework that would facilitate improved corporate governance and enhanced value creation under the leadership of directors who possess lending expertise."

We urge stockholders to vote FOR the election of Warren Wilcox on the WHITE proxy card. Visit www.OpportunityAtOportun.com to learn more.

Contact:

Findell Capital Management, LLC

88 Pine Street, 22nd Fl.

New York, NY 10005

info@findell.us 

OR

Saratoga Proxy Consulting LLC

John Ferguson

info@saratogaproxy.com 

¹ At the Sidoti June Virtual Investor Conference on June 11, 2025, Mr. Vazquez said: "In terms of where we'd like [Secured Personal Loans] to be, our long-term aspiration is to have a mix that is similar to OneMain's. OneMain is about 50% of their portfolio is secured and that's certainly what we would like to achieve over time as well."

View original content:https://www.prnewswire.com/news-releases/findell-capital-reiterates-commitment-to-reaching-a-good-faith-settlement-at-oportun-financial-302483128.html

SOURCE Findell Capital Management, LLC

FAQ

What is the main conflict between Findell Capital and Oportun Financial (OPRT)?

Findell Capital, a major stockholder, is in a proxy fight with Oportun's board over corporate governance, board composition, and the company's resistance to adding lending expertise to leadership positions.

Why did Oportun Financial (OPRT) remove Scott Parker from their board?

According to Findell Capital, Scott Parker, former OneMain CFO, was removed from the board in what they view as an entrenchment tactic by legacy directors to retain control of the company.

What is Findell Capital requesting from Oportun Financial (OPRT)?

Findell Capital is seeking a compromise that would facilitate improved corporate governance, enhanced value creation, and leadership by directors with lending expertise.

What is Oportun Financial's (OPRT) target for secured lending portfolio?

According to CEO Raul Vazquez, Oportun aims to achieve a secured lending portfolio mix of about 50%, similar to OneMain Financial's current portfolio structure.

How can OPRT shareholders participate in the proxy vote?

Shareholders can vote FOR Warren Wilcox using the WHITE proxy card, with more information available at www.OpportunityAtOportun.com.