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FINDELL CAPITAL MANAGEMENT URGES OPORTUN STOCKHOLDERS TO VOTE THE WHITE PROXY CARD TO ELECT AN INDEPENDENT CONSUMER FINANCIAL SERVICES EXPERT TO THE BOARD

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Findell Capital Management, a major stockholder of Oportun Financial Corporation (NASDAQ: OPRT), has issued a letter urging shareholders to vote using the WHITE proxy card at the upcoming Annual Meeting. The activist investor is pushing for three key changes: 1) the election of Warren Wilcox, an experienced financial services executive, to the board; 2) the re-election of Carlos Minetti, a newly appointed independent director; and 3) the removal of CEO Raul Vazquez from the board. Findell argues that Vazquez's leadership has been value-destructive and warns that due to the board's classified structure, this may be the last opportunity until 2028 to remove him from the board. The firm emphasizes that shareholders who previously voted on the company's proxy card can still change their vote using the WHITE proxy card.
Findell Capital Management, uno dei principali azionisti di Oportun Financial Corporation (NASDAQ: OPRT), ha inviato una lettera invitando gli azionisti a votare utilizzando la scheda proxy BIANCA durante la prossima Assemblea Annuale. L'investitore attivista propone tre cambiamenti fondamentali: 1) l'elezione di Warren Wilcox, un dirigente esperto nel settore dei servizi finanziari, nel consiglio di amministrazione; 2) la rielezione di Carlos Minetti, un direttore indipendente recentemente nominato; 3) la rimozione del CEO Raul Vazquez dal consiglio. Findell sostiene che la leadership di Vazquez abbia distrutto valore e avverte che, a causa della struttura classificata del consiglio, questa potrebbe essere l'ultima opportunità fino al 2028 per rimuoverlo. La società sottolinea che gli azionisti che hanno già votato con la scheda proxy dell'azienda possono comunque modificare il loro voto utilizzando la scheda proxy BIANCA.
Findell Capital Management, un accionista importante de Oportun Financial Corporation (NASDAQ: OPRT), ha enviado una carta instando a los accionistas a votar utilizando la tarjeta proxy BLANCA en la próxima Junta Anual. El inversor activista impulsa tres cambios clave: 1) la elección de Warren Wilcox, un ejecutivo experimentado en servicios financieros, para el consejo; 2) la reelección de Carlos Minetti, un director independiente recientemente designado; y 3) la remoción del CEO Raul Vazquez del consejo. Findell argumenta que el liderazgo de Vazquez ha destruido valor y advierte que, debido a la estructura clasificada del consejo, esta podría ser la última oportunidad hasta 2028 para removerlo. La firma enfatiza que los accionistas que ya votaron con la tarjeta proxy de la empresa aún pueden cambiar su voto usando la tarjeta proxy BLANCA.
Findell Capital Management은 Oportun Financial Corporation(NASDAQ: OPRT)의 주요 주주로서 다가오는 연례 주주총회에서 WHITE 프록시 카드를 사용해 투표할 것을 주주들에게 촉구하는 서한을 발송했습니다. 이 행동주의 투자자는 세 가지 핵심 변화를 요구하고 있습니다: 1) 금융 서비스 분야 경험이 풍부한 워렌 윌콕스를 이사로 선임할 것; 2) 최근 임명된 독립 이사 카를로스 미네티를 재선임할 것; 3) CEO인 라울 바스케즈를 이사회에서 해임할 것. Findell은 바스케즈의 리더십이 가치를 훼손했다고 주장하며, 이사회가 분류된 구조이기 때문에 2028년까지 그를 해임할 마지막 기회일 수 있다고 경고합니다. 또한 회사의 프록시 카드로 이미 투표한 주주들도 WHITE 프록시 카드를 사용해 투표를 변경할 수 있다고 강조합니다.
Findell Capital Management, un actionnaire majeur d'Oportun Financial Corporation (NASDAQ : OPRT), a envoyé une lettre incitant les actionnaires à voter en utilisant la carte de procuration BLANCHE lors de la prochaine assemblée annuelle. L'investisseur activiste demande trois changements clés : 1) l'élection de Warren Wilcox, un cadre expérimenté des services financiers, au conseil d'administration ; 2) la réélection de Carlos Minetti, un administrateur indépendant récemment nommé ; 3) la révocation du PDG Raul Vazquez du conseil. Findell soutient que le leadership de Vazquez a détruit de la valeur et avertit qu'en raison de la structure classifiée du conseil, il pourrait s'agir de la dernière occasion jusqu'en 2028 de le retirer. La société souligne que les actionnaires ayant déjà voté avec la carte de procuration de l'entreprise peuvent toujours changer leur vote en utilisant la carte BLANCHE.
Findell Capital Management, ein bedeutender Aktionär von Oportun Financial Corporation (NASDAQ: OPRT), hat einen Brief veröffentlicht, in dem die Aktionäre aufgefordert werden, bei der bevorstehenden Hauptversammlung mit der WEISSEN Vollmachtkarte abzustimmen. Der aktivistische Investor setzt sich für drei wesentliche Änderungen ein: 1) die Wahl von Warren Wilcox, einem erfahrenen Finanzdienstleister, in den Vorstand; 2) die Wiederwahl von Carlos Minetti, einem neu berufenen unabhängigen Direktor; und 3) die Abberufung des CEO Raul Vazquez aus dem Vorstand. Findell argumentiert, dass Vazquez' Führung wertvernichtend war, und warnt, dass aufgrund der klassifizierten Struktur des Vorstands dies möglicherweise die letzte Gelegenheit bis 2028 ist, ihn abzusetzen. Das Unternehmen betont, dass Aktionäre, die bereits mit der Unternehmens-Vollmachtkarte abgestimmt haben, ihre Stimme dennoch mit der WEISSEN Vollmachtkarte ändern können.
Positive
  • Opportunity to elect Warren Wilcox, an experienced financial services executive with fresh value-enhancement ideas
  • Potential for improved board oversight and governance through removal of CEO from board position
  • Presence of independent director Carlos Minetti who brings crucial experience to the board
Negative
  • Current board structure described as dominated by inexperience and close ties to CEO
  • Value-destructive influence of current CEO according to activist investor
  • Classified board structure limiting shareholder ability to make changes until 2028

Insights

Activist investor Findell challenges Oportun's leadership, seeking board changes and CEO removal amid apparent performance concerns.

Findell Capital Management is launching a proxy contest against Oportun Financial Corporation (NASDAQ: OPRT), advocating for significant board changes. As one of OPRT's largest stockholders, Findell is circulating a WHITE proxy card with three key demands: (1) elect Warren Wilcox, described as an independent financial services expert; (2) reelect Carlos Minetti, a recently appointed director; and (3) reject CEO Raul Vazquez's continued board service.

The activist campaign reveals deeper governance tensions at Oportun. Findell characterizes the current board as "dominated by inexperience and close ties to CEO Raul Vazquez" and explicitly labels Vazquez as a "failed CEO" with "value-destructive influence." The timing is strategic - Findell emphasizes that due to Oportun's classified board structure, Vazquez may not appear on another ballot until 2028 or later, making this a critical window for stockholders to effect change.

This proxy fight signals significant dissatisfaction with Oportun's current leadership and strategic direction. While specific performance issues aren't detailed in this release, the aggressive language and targeted campaign against the CEO suggest substantial shareholder frustration. The outcome of this proxy contest could dramatically reshape Oportun's governance structure and potentially trigger leadership changes that would affect the company's strategic direction and operational execution.

NEW YORK, June 3, 2025 /PRNewswire/ -- Findell Capital Management LLC (collectively with its affiliates, "Findell", "we" or "us"), one of the largest stockholders of Oportun Financial Corporation (NASDAQ: OPRT), today issued an open letter to its fellow stockholders.

The full text of the letter can be found here: Findell Letter to OPRT Stockholders (June 3, 2025)

We urge stockholders to vote on the enclosed WHITE proxy card to:

  • Elect our highly qualified and independent candidate, Warren Wilcox, who is a seasoned director and executive with financial services expertise and fresh ideas for enhancing value.
  • Reelect the newly appointed and highly qualified Carlos Minetti, who, while a minority in a boardroom dominated by inexperience and close ties to CEO Raul Vazquez, has the independence and experience we believe is crucial to delivering value at Oportun.
  • Reject the continued Board service of failed CEO Raul Vazquez to finally provide our directors with an unobstructed forum for evaluating his record, providing long-overdue oversight and considering potential replacements.

We, as stockholders, have a fleeting opportunity to mitigate Mr. Vazquez's value-destructive influence at this year's Annual Meeting. The Board's "classified" structure means he may not appear on the ballot again until 2028 or later (even if the Board is declassified at the Annual Meeting, Mr. Vazquez's three-year term would not be reduced).  This is the moment to lay a foundation for a lasting turnaround by removing Mr. Vazquez from the Board. Importantly, if you have already voted for Mr. Vazquez on the Company's proxy card by mail, internet or phone, a later-dated vote on the enclosed WHITE proxy card will revoke your prior vote. Only your latest dated vote counts!



Visit www.OpportunityAtOportun.com for information on how to vote.



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

Cision View original content:https://www.prnewswire.com/news-releases/findell-capital-management-urges-oportun-stockholders-to-vote-the-white-proxy-card-to-elect-an-independent-consumer-financial-services-expert-to-the-board-302472449.html

SOURCE Findell Capital Management, LLC

FAQ

What changes is Findell Capital Management proposing for Oportun's (OPRT) board?

Findell is proposing to elect Warren Wilcox as a new independent director, re-elect Carlos Minetti, and remove current CEO Raul Vazquez from the board.

Why does Findell want to remove Oportun's (OPRT) CEO from the board?

Findell believes CEO Raul Vazquez has been value-destructive and wants to provide directors with an unobstructed forum for evaluating his record and considering potential replacements.

How can Oportun (OPRT) shareholders vote on these proposed changes?

Shareholders can vote using the WHITE proxy card, and even those who previously voted on the company's proxy card can change their vote by submitting a later-dated WHITE proxy card.

When is the next opportunity to vote on Oportun's (OPRT) CEO board position if not removed now?

Due to the classified board structure, the next opportunity to vote on CEO Raul Vazquez's board position would not be until 2028 or later.

Who is Warren Wilcox, the proposed new director for Oportun (OPRT)?

Warren Wilcox is described as a highly qualified and independent candidate with seasoned director experience and financial services expertise.
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Oportun Financial Corp

NASDAQ:OPRT

OPRT Rankings

#3639 Ranked by Market Cap
N/A Ranked by Dividends
#179 Top Gainer

OPRT Latest News

Jun 5, 2025
Findell Capital Management Spotlights Why Ginny Lee Should Not be Appointed Oportun's Next Lead Independent Director
Jun 2, 2025
Oportun Issues Letter to Stockholders and Mails Definitive Proxy Materials
May 12, 2025
Oportun Named a Bay Area Top Workplace for 2025
May 8, 2025
Oportun Reports First Quarter 2025 Financial Results
May 8, 2025
FINDELL CAPITAL MANAGEMENT RESPONDS TO OPORTUN'S REACTIONARY AND DEFENSIVE REDUCTION OF BOARD SIZE

OPRT Stock Data

279.45M
40.69M
8.76%
62.75%
0.44%
Credit Services
Finance Services
Link
United States
SAN CARLOS

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