By Josh Beckerman
Oportun Financial shareholder Findell Capital Management plans to nominate two board candidates and called for the lender to replace Chief Executive Raul Vasquez.
Findell, which owns about a 9.1% stake, criticized the company's cost structure and acquisitions and the qualifications of several board members.
"We have engaged actively, repeatedly and in good faith with Findell for some time," Oportun said. The company said its board and management have driven significant improvements, refining the company's product portfolio, streamlining costs and strengthening its capital position.
In April 2024, Oportun and Findell reached a cooperation agreement, with Scott Parker joining the board and Richard Tambor becoming a board observer who was elected as a director in June.
Oportun shares closed the regular session up 8.8% to $6.20 Thursday and were recently up 2.4% at $6.35 after hours.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
March 20, 2025 18:38 ET (22:38 GMT)
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