SoFi CEO enters prepaid forward contract on 1.5 million shares
Oportun Financial Corp (NASDAQ:OPRT), a financial services company with a market capitalization of $290 million, announced several corporate governance changes and leadership updates this week, according to a press release statement and a filing with the Securities and Exchange Commission. According to InvestingPro data, the company’s stock has delivered an impressive return of over 107% in the past year, significantly outperforming broader market indices.
On Tuesday, the company’s Board of Directors appointed Joseph Schueller as Principal Financial (NASDAQ:PFG) Officer and Principal Accounting Officer, effective immediately. Schueller, 48, joined Oportun Financial on Monday as Senior Vice President, Finance – Controller, after previously working with the company in a consulting role. He succeeds CEO Raul Vazquez in these financial roles. Schueller was most recently SVP, CFO, and Treasurer at North Shore Bank from 2022 to 2025, and has held senior finance positions at several other financial institutions. He is a Certified Public Accountant and holds a B.S. in Business – Accounting from the University of Minnesota.
The company stated there are no arrangements or understandings with other parties in connection with Schueller’s appointment, and no family relationships or related party transactions requiring disclosure.
At the annual meeting held Friday, July 18, Oportun Financial shareholders approved amendments to the company’s Amended and Restated Certificate of Incorporation. These amendments eliminate supermajority voting provisions, make administrative changes, and declassify the board of directors to provide for annual election of directors. The amendments became effective upon filing with the Delaware Secretary of State on Monday.
Shareholders also elected Carlos Minetti and Raul Vazquez as Class III directors for three-year terms, approved a non-binding advisory resolution on executive compensation, and ratified Deloitte & Touche LLP as the company’s independent registered public accounting firm for the year ending December 31, 2025.
A total of 32,377,751 shares, representing approximately 73.8% of eligible voting power, were present at the meeting in person or by proxy.
This information is based on a press release statement and details disclosed in the company’s recent SEC filing.
In other recent news, Oportun Financial Corporation announced a multi-year cooperation agreement with Findell Capital Management to resolve a contested director election. As part of the agreement, Findell will support Oportun’s nominees at the 2025 Annual Meeting, while Oportun will appoint Warren Wilcox as a Class III director. Meanwhile, Findell Capital Management sold 500,000 shares of Oportun stock while advocating for board changes, claiming the stock is undervalued. Despite this, Oportun’s board urged stockholders to support CEO Raul Vazquez and Carlos Minetti amid opposition from Findell, emphasizing potential damage to operations if Vazquez is removed. Institutional Shareholder Services (ISS) recommended stockholders vote for Findell’s nominee, Warren Wilcox, and to withhold support for CEO Vazquez. Oportun has made several proposals to Findell to resolve the proxy contest, including board restructuring based on stockholder feedback. However, Findell has yet to respond to the latest proposal. These developments highlight the ongoing tensions between Oportun and Findell as they navigate board composition and company leadership.
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