Oportun Appoints Scott Parker to its Board of Directors in Cooperation with Findell Capital

Richard Tambor Appointed Board Observer, to Stand for Election at the Company’s 2024 Annual Shareholder Meeting

SAN CARLOS, Calif., April 22, 2024 (GLOBE NEWSWIRE) -- Oportun (Nasdaq: OPRT) (“Oportun”, or the "Company"), a mission-driven fintech, today announced the appointment of Scott Parker as a new independent director and Richard Tambor as an observer to Oportun's Board of Directors, each effective immediately. Tambor will stand for election to Oportun's Board of Directors at Oportun's 2024 annual shareholder meeting later this year. The appointments are in connection with a cooperation agreement (the "Agreement") the Company has entered into with Findell Capital Management LLC (together, with certain of its affiliates “Findell”). Findell is an investment firm that owns approximately 7.7% of Oportun’s outstanding common shares.

"Oportun is dedicated to a thoughtful and continuous Board refreshment process and to identifying candidates who are established leaders with the right mix of skills, experience and unique perspectives to complement our Board," said Ginny Lee, Chair, Oportun Nominating, Governance and Social Responsibility Committee. "Today's announcement is reflective of Oportun's commitment to engaging constructively with shareholders. We look forward to leveraging Scott and Richard's deep knowledge in consumer finance and risk management to build on our ongoing momentum and enhance value for shareholders."

“The Board and management team will benefit from Scott and Richard’s perspectives and contributions as we continue to focus on disciplined execution and driving profitable, sustainable growth," said Raul Vazquez, CEO of Oportun.

“Oportun has taken significant steps to reduce its cost structure and tighten its underwriting standards in the current environment, positioning the Company to enhance its profitability during 2024 and beyond,” said Scott Parker. “I look forward to partnering with the Board and management team to support the ongoing execution of Oportun’s strategic initiatives to drive value for shareholders.”

"We appreciate the constructive engagement with Oportun's Board and management team and are pleased to have reached an agreement that adds additional proven leaders to the board room," said Brian Finn, Managing Member of Findell. "Scott and Rich have held C-suite roles at the best-in-class operators in the subprime consumer lending space. They know our Industry well and have helped lead organizations through various market and economic cycles. We have confidence that they will do the same at Oportun."