Oportun Financial board urges shareholders to vote for two nominees

Oportun issued a letter to stockholders ahead of its July 18 Annual Meeting. The Board encourages all Oportun stockholders to vote “FOR” Oportun’s two nominees, CEO Raul Vazquez and Carlos Minetti, using the GREEN proxy card or GREEN voting instruction form. The letter read, in part, “We write to you as Oportun’s Board of Directors with critical information ahead of this year’s Annual Meeting of Stockholders, which is scheduled for July 18, 2025. Findell Capital Management, one of our stockholders – who has recently been selling its Oportun stock – is seeking to remove our CEO, Raul Vazquez, from the Board at that meeting. This is a highly unusual maneuver and would be greatly damaging to the functioning of the Board and the progress Oportun is making. Under Raul’s leadership, Oportun has been successfully executing a strategic plan to strengthen and reposition the business. These efforts have resulted in improved financial performance and profitability and a stock that is up more than 80% this year. Just a few months ago, consistent with its annual practice, the Board – including the two directors previously recommended by Findell – unanimously concluded that Raul is the right leader for Oportun. We are disappointed that Findell would ask stockholders to undermine Raul’s authority and leadership by removing him from the Board. Not only would such an arrangement be unconventional – as nearly all public company CEOs also serve on the board of the company they lead – but it would also erode the confidence of employees, customers, regulators, business partners and other key stakeholders. With our Lead Independent Director retiring this month, it is critical that our chosen executive leader has a clear mandate to direct Oportun’s affairs and speak on the Company’s behalf. Moreover, Raul’s presence on the Board promotes clear, effective communication between management and the Board, enabling faster and better-informed decision-making. And Raul – who is a large Oportun stockholder – enhances the functioning of our Board because of his experience on two other public company boards. Said plainly, it would be a mistake for stockholders to vote Raul off Oportun’s Board, and there would be very real consequences to doing so. Oportun needs strong and steady leadership and disciplined execution. Removing Raul would risk destabilizing Oportun at a critical time. That is apparently not of concern to Findell. But for stockholders who intend to continue to hold their investment in Oportun for the medium- and long-term, it should be of grave concern. It is to us.”