OppFi CEO Crawley leaves after two months – Crain's Chicago Business

The CEO of Chicago-based OppFi is leaving the online consumer lender just two months after his hiring, the latest sign of trouble at a fast-growing firm that went public last year via a blank-check deal.
Founder and Executive Chairman Todd Schwartz is succeeding Neville Crawley, effective today, the company announced this morning. Schwartz will remain chairman.
OppFi’s new CEO Todd Schwartz
OppFi’s stock was down about 11% on the news. Volume as of midday was more than triple the daily average.
“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,” Schwartz said in a release.
OppFi, doing business as OppLoans, makes unsecured loans online to consumers with poor credit at very high interest rates. The company has been a lightning rod for consumer advocates who say its rates are predatory. OppFi counters that it provides credit to those who need it and works to improve their credit standing so they can qualify for cheaper loans in the future from an array of lenders.
Crawley took over as CEO on Dec. 31 after joining the company in July as president.
In OppFi’s release, Schwartz wished Crawley well in the future. Crawley will be paid his base salary for the coming 12 months, and OppFi will cover his health insurance costs as well.
Crawley was so new in the role that his CEO salary hadn’t yet been publicly disclosed. As company president beginning in July, he was making $400,000 in base salary, according to a Securities & Exchange Commission filing.
Crawley also will receive $260,000 in bonuses. His stock awards and options will immediately vest.
OppFi’s stock had been a loser before today’s news. Since trading publicly for the first time in July, the stock is down 64%.
The company plans to report 2021 results on March 10, it said today. It forecasts earnings between $64 million and $66 million on revenue between $350 million and $352 million.
The Schwartz family founded OppFi a decade ago after cashing out of telemarketing firm APAC Customer Service.
Have something to get off your chest? You can send us an email. Or tell us on our Facebook page or on Twitter, @CrainsChicago.
Staying current is easy with Crain's news delivered straight to your inbox, free of charge. Click below to see everything we have to offer.
Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online.

150 N. Michigan Ave.
Chicago, IL 60601
E-mail our editor
(312) 649-5200
More contacts
FAQs/Customer service

source

Leave a comment

Your email address will not be published.