Findell Capital Management LLC, holding approximately 9.2% of Oportun's common stock, announced on March 27, 2025, the nomination of Sandra Bell and Warren Wilcox as director candidates for Oportun's Board. This move follows Findell's earlier call for leadership changes.
Findell criticized Oportun's recent public statement, asserting that the company's management and legacy board were taking undue credit for recent stock price improvements. Findell claimed these improvements stemmed from its engagement and the oversight provided by new directors.
The activist investor argued that Oportun's cost reductions had not kept pace with declines in origination volume and income-producing assets. Findell believes the addition of Ms. Bell and Mr. Wilcox, both with extensive lending and public board experience, is necessary to address governance issues and unlock long-term value.
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