Gold bars to be exempt from tariffs, White House clarifies
NEW YORK - Findell Capital Management LLC, the largest stockholder of Oportun Financial Corporation (NASDAQ:OPRT), has called for a reconsideration of the company’s recent decision to reduce its Board of Directors from 10 to eight members. The demand comes as Oportun’s stock shows strong momentum, with an 80% surge over the past six months and a market capitalization of approximately $201 million. According to InvestingPro analysis, the company appears undervalued compared to its Fair Value. The investment firm criticized the move for not re-nominating Scott Parker, a director with a strong background in consumer lending, and is pushing for the replacement of CEO Raul Vazquez with its nominee, Warren Wilcox, at Oportun’s 2025 Annual Meeting.
The reduction in board size coincides with Findell’s filing of a preliminary proxy statement aimed at electing Wilcox, who is touted as having extensive experience in the lending industry. While the company currently operates at a loss, InvestingPro data indicates analysts expect Oportun to return to profitability this year, with projected earnings per share of $1.54 for 2025. Findell’s Founder and CIO, Brian Finn, expressed concern that the legacy directors’ decision is a strategy to avoid accountability and maintain control, rather than prioritizing the company’s performance and stockholder interests.
Finn highlighted Parker’s valuable contributions to the board, especially given the company’s lack of a permanent CFO and limited board members with lending experience. He emphasized the importance of voting for Wilcox to bring necessary oversight and expertise to Oportun.
Findell controls a significant portion of Oportun’s shares, with Findell Partners owning 2,131,000 shares and additional shares held in separately managed accounts. The firm plans to provide further information on Vazquez’s tenure and the significance of the upcoming board election to Oportun’s future.
Stockholders are encouraged to vote on the WHITE proxy card for Wilcox, as Findell believes this change is crucial for the company’s direction. This article is based on a press release statement from Findell Capital Management. For deeper insights into Oportun’s financial health and growth prospects, investors can access comprehensive analysis and additional ProTips through InvestingPro’s detailed research reports, available for over 1,400 US stocks.
In other recent news, Oportun Financial Corporation reported significant financial and strategic updates. The company exceeded its fourth-quarter outlook, returning to GAAP profitability and reducing operating expenses by approximately 40%, equating to over $240 million in annualized savings. Oportun also announced a 121% total shareholder return over the past 12 months, outperforming industry peers. In a notable executive reshuffle, CEO Raul Vazquez has been appointed as the principal financial officer and principal accounting officer, following the departure of Principal Accounting Officer Casey Mueller and the retirement of CFO Jonathan Coblentz. Paul Appleton has been named interim CFO as the company seeks a permanent replacement. Additionally, Oportun has received board nominations from Findell Capital Management LLC, which will be considered at the upcoming 2025 Annual Meeting of Shareholders. The company has emphasized its strategic measures for long-term growth, including the addition of four independent directors to its board. Oportun’s board has also been reshaped with two new director nominations and a reduction in size from ten to eight members.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.