Schwartz to Execute New Strategic Vision for the Company
OppFi Inc., a leading financial technology platform that helps everyday consumers gain access to credit, announced that the Company’s Board of Directors has appointed Todd Schwartz as Chief Executive Officer and that Neville Crawley has stepped down from his positions as Chief Executive Officer and a Director. Schwartz founded OppFi in 2012 and has served as Executive Chairman since 2015; he will continue to serve as Chairman of the Board.
“I also want to thank Neville for his work and contributions at OppFi, and we wish him the best in his future endeavors.”
“The OppFi Board of Directors is keenly focused on delivering value to all stakeholders while staying true to OppFi’s original mission of financial inclusion,” said Jocelyn Moore, Lead Independent Director. “As OppFi enters its next phase of growth, we believe Todd Schwartz is uniquely qualified to lead the Company as CEO. We are grateful to Neville Crawley for his leadership and wish him well going forward.”
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“I am thrilled to once again be CEO of OppFi and to build on OppFi’s success and drive forward our mission to empower millions of everyday consumers to build better financial health,” said Schwartz. “I also want to thank Neville for his work and contributions at OppFi, and we wish him the best in his future endeavors.”
“Having been a part of OppFi’s journey since founding the Company in 2012, I am more confident now than ever in our growth opportunity and mission to unlock credit access for millions of consumers,” continued Schwartz. “I believe in this Company, in our dedicated team, and in our steadfast commitment to financial inclusion.”
“I look forward to working closely with our Board of Directors and executive team to execute on our strategic vision,” said Schwartz. “I am especially proud to have my dad, Ted Schwartz, as a member of our Board of Directors. As a founder himself, he has more than 40 years of operating experience and will be a great strategic thought partner.”
Since becoming OppFi’s Executive Chairman in 2015, Schwartz has also held a role as Managing Partner of Schwartz Capital Group, where he focused on the firm’s direct equity and real estate investments, and its affiliated consumer growth equity firm, Strand Equity Partners.
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OppFi also provided an update on its expected full year 2021 financial outlook. The Company now expects the following for the full year 2021:
- Adjusted Net Income between $64 million and $66 million, compared to prior outlook of between $62 and $66 million(1)
- Ending receivables of between $335 and $338 million, compared to prior outlook of approximately $315 to $325 million(2)
- Revenue between $350 and $352 million, compared to prior outlook of between $350 and $360 million
- Adjusted EBITDA between $115 million and $117 million, compared to prior outlook of between $120 and $125 million(1)
The Company plans to report financial results for the fourth quarter and full year 2021 on Thursday, March 10, 2022.
The financial outlook for the full year 2021 discussed above is subject to the completion of the Company’s financial closing procedures and has not yet been audited or reviewed by the Company’s independent registered public accounting firm, nor has such firm performed procedures with respect to such information. Accordingly, such firm does not express an opinion or any other form of assurance with respect thereto. The Company’s actual financial performance could differ materially from this outlook due to the completion of the Company’s financial closing procedures, final adjustments and other developments that may arise between now and the time at which the Company issues its audited consolidated financial statements.
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