Oportun names Bill Franklin CFO with $500K salary
Oportun appoints veteran financial executive Bill Franklin as CFO with a structured cash and equity package tied to long-term service.
Rhea-AI Filing Summary
Oportun Financial Corporation (OPRT) appointed William (Bill) Franklin as Chief Financial Officer and principal financial officer, effective September 8, 2026. He joins after more than 20 years in financial leadership roles, most recently as Senior Vice President and Chief Financial Officer of Consumer Banking at Discover Financial Services.
Under an August 31, 2026 offer letter, Franklin will receive a $500,000 annual base salary, a target 2026 bonus equal to 75% of base salary (prorated for time employed in 2026), and a $200,000 signing bonus that vests six months after his start, subject to continued employment or a Qualifying Termination. Subject to Compensation Committee approval, he is expected to receive a new-hire equity award of 276,626 restricted stock units in December 2026 under Oportun’s Inducement Equity Incentive Plan, with a mix of annual and cliff vesting over three years.
Franklin will participate at the Tier I level in the company’s Amended and Restated Executive Severance and Change in Control Policy and will enter into Oportun’s standard indemnity agreement. Oportun highlighted its mission-driven model, noting it has provided more than $22.7 billion in credit, saved members over $2.5 billion in interest and fees, and helped members set aside an average of more than $1,800 annually.
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Filing Explained
Effective September 8, 2026, William Franklin became Oportun’s chief financial officer and principal financial officer; Joseph Schueller remains controller and principal accounting officer but no longer holds the principal-financial-officer role. The filing therefore records a finance-leadership transition, without disclosing a change to the company’s ownership structure.
8-K Event Classification
3 items: 5.02, 8.01, 9.01
3 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Annual base salary: $500,000
Target bonus percentage for 2026: 75% of base salary
Signing bonus: $200,000
+4 more
7 metrics
Annual base salary
$500,000
Base salary for Bill Franklin under the August 31, 2026 Offer Letter
Target bonus percentage for 2026
75% of base salary
Annual incentive target for 2026, prorated for days employed
Signing bonus
$200,000
Vests on the six-month anniversary of the September 8, 2026 Effective Date, subject to conditions
New hire RSU award
276,626 RSUs
Inducement equity award expected to be granted in December 2026 under the Inducement Plan
Credit provided since inception
$22.7 billion
Responsible and affordable credit Oportun states it has provided since inception
Member interest and fee savings
$2.5 billion
Amount Oportun states it has saved members in interest and fees
Average annual savings per member
$1,800
Average amount Oportun states its members set aside annually
Key Terms
restricted stock units, Inducement Equity Incentive Plan, Change in Control Policy, Nasdaq Listing Rule 5635(c)(4)
4 terms
restricted stock units financial
"comprised of: 276,626 restricted stock units ("RSUs")."
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
Inducement Equity Incentive Plan financial
"pursuant to the Oportun Financial Corporation Amended and Restated 2021 Inducement Equity Incentive Plan"
An inducement equity incentive plan is a program that grants employees or executives company shares or stock options to motivate and reward their work, often as a way to attract new talent. It aligns their interests with the company's success, encouraging them to contribute to long-term growth. For investors, such plans can influence a company's stock performance and overall financial health by motivating key personnel.
Change in Control Policy financial
"Amended and Restated Executive Severance and Change in Control Policy (the "Severance Policy")"
Nasdaq Listing Rule 5635(c)(4) regulatory
"The New Hire Award will be granted in accordance with Nasdaq Listing Rule 5635(c)(4)"
NASDAQ Listing Rule 5635(c)(4) is a rule that requires a company to get approval from its shareholders before selling a large amount of its shares, usually over 20%. This helps protect investors by making sure the company doesn't flood the market with new shares without their say, which could lower the stock's value.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What executive change did OPRT announce in this 8-K?
Oportun appointed William (Bill) Franklin as Chief Financial Officer and principal financial officer, effective September 8, 2026, while Joseph Schueller continues as Senior Vice President, Finance - Controller and principal accounting officer.
What is Bill Franklin’s compensation package at OPRT?
Franklin’s offer includes a $500,000 annual base salary, a 2026 target bonus of 75% of base salary (prorated for time employed), a $200,000 signing bonus, and a new-hire equity award of 276,626 RSUs expected to be granted in December 2026.
How will Bill Franklin’s RSU award at OPRT vest?
Of the 276,626 RSUs, 75% will vest over three years, with one-third vesting on the first anniversary of the grant and the remaining two-thirds in eight substantially equal quarterly installments; the remaining 25% will vest on the third anniversary of the grant date.
What severance protections does Bill Franklin receive at OPRT?
Franklin will be eligible to participate in Oportun’s Amended and Restated Executive Severance and Change in Control Policy at the Tier I level and will receive the company’s standard indemnity agreement, as described in the filing.
What operating scale figures did OPRT highlight in the press release?
Oportun stated it has provided more than $22.7 billion in responsible and affordable credit, saved members over $2.5 billion in interest and fees, and helped members set aside an average of more than $1,800 annually.
When will Bill Franklin’s $200,000 signing bonus at OPRT vest?
The $200,000 signing bonus will vest and be earned on the six-month anniversary of the September 8, 2026 Effective Date, if Franklin remains employed through that date or upon a Qualifying Termination before that date.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (date of earliest event reported)
(Exact Name of Registrant as Specified in its Charter)
Commission File Number 001-39050
| State or Other Jurisdiction of Incorporation or Organization | I.R.S. Employer Identification No. | ||||||||||
| Address of Principal Executive Offices | Zip Code | ||||||||||
(650 ) 810-8823
Registrant’s Telephone Number, Including Area Code
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Appointment of William Franklin as Chief Financial Officer and Principal Financial Officer
On September 5, 2026, the Board of Directors (the “Board”) of Oportun Financial Corporation (the “Company”) appointed William Franklin as Chief Financial Officer and principal financial officer of the Company, effective as of September 8, 2026 (the “Effective Date”), subject to Mr. Franklin's commencement of employment and satisfaction of the conditions set forth in the Offer Letter (as defined below).
Mr. Franklin, 48, most recently served as Senior Vice President, Chief Financial Officer of Consumer Banking at Discover Financial Services (“Discover”). Discover was acquired by Capital One in May 2025. Mr. Franklin was Chief Financial Officer of Consumer Banking from July 2021 to June 2025. In this role, Mr. Franklin led financial planning and analysis across multiple business units including Discover’s credit card, personal loan, student loan, home loan, and deposit businesses. During his tenure at Discover, which began in 2008, Mr. Franklin held other leadership roles as Chief Financial Officer of Payment Services, Assistant Treasurer and Head of Investor Relations. He received an M.B.A. from the University of Virginia Darden School of Business and a B.S. in Finance from Miami University.
Joseph Schueller will continue to serve as the Company's Senior Vice President, Finance - Controller and principal accounting officer and will no longer serve as the Company’s principal financial officer as of the Effective Date.
Franklin Offer Letter
The Company has entered into an offer of employment with Mr. Franklin dated August 31, 2026 (the "Offer Letter"). Under the Offer Letter, Mr. Franklin will be paid an annual base salary of $500,000 and will be eligible to participate in the Company's annual incentive program, with a target bonus opportunity for 2026 equal to 75% of his base salary, with any annual bonus determined by the Board or the Compensation and Leadership Committee of the Board (the “Committee”) in their sole discretion. However, his annual bonus for the Company’s 2026 fiscal year, if earned, will be prorated based the number of days he is employed during the 2026 fiscal year.
Mr. Franklin also will be eligible to receive a $200,000 signing bonus, which will vest and be earned on the six-month anniversary of the Effective Date, if Mr. Franklin continues employment through that date or upon a Qualifying Termination before such date (as defined in the Severance Policy (as defined below)).
In addition, subject to approval by the Committee, as an inducement material to him entering into employment with the Company, Mr. Franklin will be granted a long-term new hire equity award (the “New Hire Award”), comprised of: 276,626 restricted stock units ("RSUs"). Seventy-five percent of the New Hire Award will vest over three years, with one-third of that portion vesting on the first anniversary of the grant date and the remaining two-thirds vesting in eight substantially equal quarterly installments thereafter; the remaining 25% of the New Hire Award will vest on the third anniversary of the grant date. The New Hire Award is expected to be granted in December 2026 in accordance with the Company’s normal grant cycle. The New Hire Award will be granted in accordance with Nasdaq Listing Rule 5635(c)(4) pursuant to the Oportun Financial Corporation Amended and Restated 2021 Inducement Equity Incentive Plan (the "Inducement Plan"), subject to Mr. Franklin's continued employment and the terms of the applicable award agreement and the Inducement Plan.
The Offer Letter provides that Mr. Franklin will be eligible to participate in the Company's Amended and Restated Executive Severance and Change in Control Policy (the "Severance Policy") at the Tier I level. The Severance Policy was filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on August 25, 2026. Mr. Franklin will also enter into the Company's standard form of indemnity agreement, a copy of which has been filed as Exhibit 10.1 to the Form 10-K.
There are no other arrangements or understandings between Mr. Franklin and any other persons pursuant to which he was appointed as Chief Financial Officer and principal financial officer of the Company. There are no family relationships between Mr. Franklin and any director or executive officer of the Company, and Mr. Franklin does not have a direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
The foregoing description of the Offer Letter is not intended to be complete and is qualified in its entirety by reference to the Offer Letter, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 8.01. Other Events
On September 8, 2026, the Company issued a press release announcing Mr. Franklin's appointment as Chief Financial Officer. A copy of the press release is attached as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
| Exhibit Number | |||||
| 10.1*† | Offer Letter with William Franklin, dated August 31, 2026 | ||||
| 99.1 | Press Release dated September 8, 2026 | ||||
| 104 | Cover Page Interactive Data File embedded within the Inline XBRL document | ||||
* Certain portions of this exhibit have been omitted pursuant to Item 601(b)(10) of Regulation S-K by means of marking such portions with asterisks because the registrant has determined that the information is not material and would likely cause competitive harm to the registrant if publicly disclosed.
† Management contract or compensatory plan or arrangement.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| OPORTUN FINANCIAL CORPORATION | |||||||||||
| (Registrant) | |||||||||||
| Date: | September 11, 2026 | By: | /s/ Kathleen Layton | ||||||||
| Kathleen Layton | |||||||||||
| Chief Legal Officer and Corporate Secretary | |||||||||||
Oportun Names Bill Franklin as Chief Financial Officer
Seasoned financial services executive brings deep consumer lending and public markets expertise to advance Oportun’s mission and profitable growth.
Seasoned financial services executive brings deep consumer lending and public markets expertise to advance Oportun’s mission and profitable growth.
SAN MATEO, Calif., September 8, 2026 (GLOBE NEWSWIRE) — Oportun (Nasdaq: OPRT), a mission-driven financial services company, announced that Bill Franklin has joined the Company as Chief Financial Officer, effective today, September 8, 2026. Franklin will lead Oportun's finance organization and partner with the executive leadership team to advance the Company's financial strategy, operating discipline, and long-term value creation.
"Bill brings an ideal combination of strategic finance leadership and deep consumer financial services experience, alongside a strong understanding of the public markets," said Doug Bland, Chief Executive Officer of Oportun. "He is a thoughtful, disciplined operator who knows how to set financial strategy in order to drive business performance. I am delighted to welcome Bill to Oportun at this pivotal moment, with our focus on building a durable, profitable growth engine."
Franklin brings more than 20 years of financial leadership experience with increasing levels of responsibility in financial planning and analysis, capital markets, investor relations, and corporate development. At Discover Financial Services, he served as Senior Vice President and Chief Financial Officer of Consumer Banking overseeing financial planning and analysis for Discover’s consumer lending and deposit businesses, including personal loans. He previously held leadership roles as Assistant Treasurer and Head of Investor Relations. "Oportun's differentiated platform, and the opportunity to create sustainable value are compelling," said Franklin. "I am excited to join Doug and the team and look forward to helping the Company accelerate its mission, empowering its members to build a better future."
About Oportun
Oportun (Nasdaq: OPRT) is a mission-driven financial services company that puts its members' financial goals within reach. With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $22.7 billion in responsible and affordable credit, saved its members more than $2.5 billion in interest and fees, and helped its members set aside an average of more than $1,800 annually. For more information, visit oportun.com.
About Oportun
Oportun (Nasdaq: OPRT) is a mission-driven financial services company that puts its members' financial goals within reach. With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $22.7 billion in responsible and affordable credit, saved its members more than $2.5 billion in interest and fees, and helped its members set aside an average of more than $1,800 annually. For more information, visit oportun.com.
Investor Contact
Dorian Hare
(650) 590-4323
ir@oportun.com
Media Contact
Dorian Hare
(650) 590-4323
ir@oportun.com
Media Contact
Michael Azzano
Cosmo PR for Oportun
michael@cosmo-pr.com
(415) 596-1978
Cosmo PR for Oportun
michael@cosmo-pr.com
(415) 596-1978