Findell Capital Management LLC, holding approximately 9.1% of Oportun's common stock, issued an open letter on March 20, 2025, calling for leadership changes on the company's Board of Directors. Findell criticized CEO Raul Vazquez and Lead Director R. Neil Williams, citing a lack of lending experience among legacy board members.
The activist investor announced its intent to nominate two highly qualified director candidates with lending experience to replace Mr. Vazquez and Mr. Williams. Findell asserted that Oportun is significantly undervalued and that its core lending business has been negatively impacted by past management decisions.
Findell's letter highlighted that Oportun's operating and stock price performance had improved since the addition of three lending industry veterans to the board in 2024, two of whom were put forth by Findell. The firm believes further board refreshment is necessary to unlock Oportun's full potential.
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