Oportun Financial stockholder Findell Capital comments on board size reduction

Oportun Financial’s (OPRT) largest single stockholder Findell Capital Management responded to Oportun’s announcement that the size of its Board of Directors would be reduced from 10 to eight members and that directors Scott Parker and R. Neil Williams would not stand for reelection at its 2025 Annual Meeting of Stockholders. Findell, which is seeking to replace CEO Raul Vazquez on the Board with its nominee Warren Wilcox filed its preliminary proxy statement the same day Oportun announced the change. Brian Finn, Founder and CIO of Findell, commented, among other things: “While it is a small positive that the Board has finally recognized that it should shrink its size, we believe the legacy directors’ decision not to renominate Mr. Parker is another egregious example of their attempts to prevent accountability and oversight. Evidently, the legacy board members would rather see the company lose an experienced director with a valuable skillset – whose addition to the Board directly led to a significant improvement in results – than allow new directors who have the support of stockholders to attain majority control…We supported Mr. Parker’s addition to the Board last year, and he helped drive much needed oversight and we are committed to working with him to bring him back onto the Board next year….This action by the legacy board makes it more important than ever that fellow stockholders deliver a strong message to the Board this year by voting to replace Mr. Vazquez, who has presided over years of disastrous results, with Mr. Wilcox, a lending industry veteran whose extensive experience and expertise can offer the oversight Findell believes is desperately needed at Oportun. In the coming weeks, we will share more information regarding Mr. Vazquez’s value-destructive tenure at Oportun and the importance of the upcoming election to the future of the company.”