Oportun names Bill Franklin CFO; filing details pay and equity award

Oportun Financial Corporation appointed William (Bill) Franklin chief financial officer and principal financial officer, effective September 8, according to a Form 8-K filed September 11. The board approved the appointment September 5, subject to his starting employment and satisfying the offer letter's conditions. A September 8 company announcement said Franklin had joined that day. The Friday filing provides the appointment terms and compensation details for the Nasdaq-listed company, which trades under OPRT (Form 8-K AccNo 0001538716-26-000101).

Board appointment and Effective Date

The appointment transfers the principal financial officer role from Joseph Schueller to Franklin. Schueller will continue as senior vice president, finance - controller and principal accounting officer, while ceasing to be principal financial officer as of September 8. The disclosed handoff therefore preserves Schueller's accounting responsibilities while placing the CFO and principal financial officer duties with Franklin.

Franklin background and PFO handoff

Franklin, 48, most recently served as senior vice president and CFO of Consumer Banking at Discover Financial Services, holding that CFO role from July 2021 through June 2025. His responsibilities included financial planning and analysis across Discover's credit card, personal loan, student loan, home loan and deposit businesses. His Discover tenure began in 2008 and included roles as CFO of Payment Services, assistant treasurer and head of investor relations. Capital One acquired Discover in May 2025, according to Oportun's filing.

Offer Letter cash compensation

The August 31 offer letter provides an annual base salary of $500,000 and eligibility for an annual incentive program with a 2026 target bonus opportunity equal to 75% of base salary. Any earned 2026 bonus will be prorated for days employed during the fiscal year, with the award subject to the sole discretion of the board or its Compensation and Leadership Committee. A $200,000 signing bonus becomes earned on the six-month anniversary of the effective date if Franklin remains employed through that date, or upon an earlier qualifying termination under the severance policy.

Inducement RSUs and Severance Policy

Franklin's proposed new-hire award comprises 276,626 restricted stock units, subject to committee approval, with a grant expected in December 2026 under Oportun's normal grant cycle. Of the award, 75% vests over three years: one-third of that portion on the first grant anniversary and the remainder in eight substantially equal quarterly installments. The remaining 25% vests on the third grant anniversary. Continued employment and the award agreement and inducement plan terms govern vesting. The award is an employment inducement under Nasdaq Listing Rule 5635(c)(4), rather than an already completed grant.

Severance eligibility and exhibits

Franklin is also eligible for Tier I participation in Oportun's executive severance and change-in-control policy and will enter its standard indemnity agreement. The filing discloses no other appointment arrangements, family relationships with directors or executive officers, or related-person transaction under Item 404(a). The offer letter description is qualified by the filed exhibit, which has certain portions omitted. The disclosed bonus opportunity and expected equity grant remain conditional compensation terms.