Business Context and Reporting Period
This Form 8-K Current Report was filed by OppFi Inc. on March 25, 2022. The filing reports a material change in executive leadership, specifically the appointment of a new Chief Financial Officer (CFO) and the departure of the previous CFO.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on corporate governance and personnel changes.
Material Changes
- Appointment of CFO: Ms. Pamela Johnson was appointed as Chief Financial Officer and Principal Financial Officer, effective March 28, 2022.
- Departure of CFO: Mr. Shiven Shah stepped down as Chief Financial Officer and Principal Financial Officer.
- Continuity: Ms. Johnson previously served as Chief Accounting Officer and will continue in that role alongside her new CFO duties.
- Transition Arrangement: Mr. Shah agreed to serve in an advisory role through the end of the second quarter of 2022.
- Separation Terms: Mr. Shah's departure is classified as without "Cause" under his employment agreement, entitling him to specific separation benefits.
Guidance, Outlook, and Risks
The filing does not provide financial guidance, outlook, or management commentary on business performance. It notes that an employment agreement is intended to be entered into with Ms. Johnson. No new risks or contingencies were disclosed in this specific report.
Investor Verification Checklist
- Verify the terms of the separation benefits paid to Mr. Shah in subsequent filings or proxy statements.
- Review the upcoming employment agreement for Ms. Johnson to understand compensation and tenure terms.
- Monitor the transition period through Q2 2022 to assess the impact of the CFO change on financial reporting and operations.
- Check the referenced July 26, 2021, Form 8-K for Ms. Johnson's prior biographical and conflict of interest disclosures.