Lending Club, Chairman and CEO Renaud Laplanche Resigns
Summary
The resignation followed an internal review of sales of $22 million in near-prime loans to a single investor, in contravention of the investor’s express instructions as to a non-credit and non-pricing element, in March and April 2016.Scott Sanborn will continue in his role of President and will become acting CEO, assuming additional managerial responsibilities for the company.Commenting on the resignation, Mr. Morris said: “A key principle of the Company is maintaining the highest levels of trust with borrowers, investors, regulators, stockholders and employees.While the financial impact of this $22 million in loan sales was minor, a violation of the Company’s business practices along with a lack of full disclosure during the review was unacceptable to the board.Before joining Lending Club, Sanborn was the Chief Marketing and Revenue Officer for eHealth Insurance, a publicly traded ecommerce company, where he led marketing, product, sales and customer service to bring double digit growth in revenue and new customer acquisition.
Funding
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