LendingClub (LC) CFO Dolan Resigns; New Director Named

August 8, 2016 4:03 PM EDT

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Lending Club (NYSE: LC) announced a series of leadership changes.

Timothy J. Mayopoulos, President and CEO of Fannie Mae, has been appointed to the Lending Club Board as an independent Director. Mr. Mayopoulos has 30 years of experience in financial services, including as General Counsel at Bank of America, and senior leadership roles at Deutsche Bank AG and Credit Suisse First Boston. Separately, Lending Club CEO Scott Sanborn has also joined the Board.

"The Board is very pleased to welcome Tim as independent Director," said Hans Morris, Chairman of the Board of Lending Club. "His well-established industry experience, track record, integrity and deep financial and legal expertise will be invaluable to Lending Club in our continuing mission to transform the banking system. We also welcome Scott to the Board of Lending Club. The Board continues to be impressed with his leadership of the company."

"Lending Club has an opportunity to change banking for the better, and I am excited to be part of it," said Timothy J. Mayopoulos. "Through its use of innovative technology, Lending Club makes affordable credit more broadly accessible to individuals, families and small businesses. I look forward to contributing my skills to help the company achieve its full potential in meeting this important market need."

Additionally, Lending Club announced that Carrie Dolan resigned from her role as CFO to pursue a new opportunity. In response, Lending Club has appointed Bradley Coleman to Principal Accounting Officer and Interim CFO. Mr. Coleman has served as Lending Club's corporate controller since 2013 and will continue in that role while fulfilling his new duties. The company has retained a global executive search firm to manage the recruitment of a new CFO and expects to name a successor in due course.

"Carrie was integral to Lending Club's maturity and growth over the past six years," said Scott Sanborn, CEO and President of Lending Club. "She approached us early this year about planning a transition, and in May the Board and I asked her to postpone her plans until we could navigate recent events. I and the Board want to thank her for her leadership, commitment and dedication particularly over the last several months, and wish her well in her next endeavor."

"I remain a passionate believer in this business model and this company, and it has been a deeply rewarding experience to help build Lending Club from 40 employees to over 1,500," said Ms. Dolan. "Now that investors are re-engaged with the platform, I am excited to begin my next chapter."

In addition, the company has successfully hired a Head of Institutional Investors, which will be formally announced soon.

Today's changes are in addition to the recent hires that Mr. Sanborn has made to strengthen the Lending Club leadership team which include former McKinsey executive Sameer Gulati as Chief Operations and Strategy Officer, and former BlackRock senior executive Patrick Dunne as Chief Capital Officer.

Separately, Lending Club today announced its Second Quarter 2016 Results.

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