Oportun (OPRT) Enters Cooperation Agreement with Findell Capital
Key Summary: Findell Capital Partners (5.4%) criticized the company's poor stock performance compared to its competitor, OneMain Holdings, Inc. They suggested replacing board members, reducing expenses, changing leadership, and improving governance. On March 7, 2024, they nominated three director candidates for the 2024 AGM. On April 22, 2024, the company entered into a cooperation agreement with Findell Capital Management. On March 20, 2025, Findell Capital announced its plans to nominate two directors and believes Oportun is undervalued, proposing operational changes to boost its valuation to $22-$33 per share. On March 27, 2025, Findell Capital Management nominated Sandra Bell and Warren Wilcox to its Board. On July 14, 2025, Findell entered a Cooperation Agreement with the company to appoint Warren Wilcox to the Board
Market Cap: $321 million | Oportun Financial Corporation provides financial services. It offers personal loans and credit cards.
- On November 27, 2023, Findell Capital Partners (5.4%) highlighted that the company's stock had performed poorly compared to its competitor, OneMain Holdings, Inc. Findell Capital Partners believed this was due to wasteful investments and unproductive expenditures by the CEO and a board of directors lacking industry-specific knowledge. Findell Capital Partners suggested the following actions to unlock the company's value: replace board members with subprime lending experience, reduce operating expenditure, replace the then-current leadership team, and adopt shareholder-friendly governance. They intended to work constructively with the Board but reserved the right to take further action if needed to protect shareholder interests. Source
- On December 4, 2023, Findell Capital Partners issued a letter to the shareholders expressing serious concerns about Oportun's financial and stock price underperformance under CEO Raul Vazquez.Valuation Insight"Oportun's core business is a great one. Under the right cost structure, the Company should generate +$3-$4 in earnings per share and the stock should trade for +$20 a share versus $2.60 a share today."
- On March 7, 2024, Findell Capital Partners (6.7%) submitted a letter to the company nominating three director candidates – Susan Ehrlich, Scott Parker, and David Tomlinson – for election to the Board at the 2024 AGM. Findell Capital Partners has been in ongoing constructive and private discussions with the Board and management, aiming to reach a cooperative resolution. Source
- On April 19, 2024, the company entered into a cooperation agreement with Findell Capital Management and pursuant to it, the company appointed Scott Parker as a new independent director and Richard Tambor as an observer to its Board. Tambor will also stand for election at the 2024 shareholder meeting.
- On March 20, 2025, Findell Capital (9.1%) issued an open letter to the Board calling for leadership changes. It criticized CEO Raul Vasquez and Lead Director R. Neil Williams for their lack of lending experience and poor performance. Findell plans to nominate two experienced directors to replace them, believing Oportun is significantly undervalued. It proposes operational improvements and better leadership to increase the company’s valuation to $22-$33 per share, aiming to remove obstacles posed by the current board.
- On March 27, 2025, Findell Capital Management nominated Sandra Bell and Warren Wilcox to its Board. Findell criticized the legacy Board for poor governance and attributed recent stock price recovery to their involvement. They urged stockholders to elect their nominees at the upcoming annual meeting to drive operational improvements and better governance. Source
- On May 5, 2025, Findell Capital Management sent a letter to the shareholders that it is pushing for board changes, citing poor oversight, excessive costs, and strategic missteps under CEO Raul Vazquez. Despite some progress with two new directors in 2024, Findell claims legacy board members remain aligned with management and lack lending expertise. It is nominating Warren Wilcox to restore independence, cut costs, and refocus on core lending to unlock shareholder value.
- On June 16, 2025, Findell Capital Management released an investor presentation criticizing the legacy board’s oversight and urging the election of Warren Wilcox to add subprime lending expertise. Findell blamed former CEO Raul Vazquez for value destruction, including a $1.5B capital loss and the $211M Hello Digit acquisition, citing a 76% stock decline and poor performance vs. peer OneMain. It credited past improvements to its nominated directors and sees further upside if Oportun cuts $80M in OpEx, removes the 36% rate cap, and targets >40% ROE, estimating a path to over $22/share by 2026.
- On July 7, 2025, Findell Capital announced that ISS recommended shareholders vote for Findell’s nominee Warren Wilcox and withhold support for long-tenured CEO Raul Vazquez, citing years of poor governance and a ~55% stock decline since the 2019 IPO. Source
- On July 14, 2025, Findell entered a Cooperation Agreement with the company to appoint Warren Wilcox to the Board through 2028, with a retiring director by 2026. Findell withdrew its 2025 nomination and agreed to standstill and voting commitments through the 2028 nomination deadline.
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