Bloomberg reported that online small business lender CAN Capital promoted Parris Sanz to acting CEO and Ritesh Gupta to COO while its current CEO, Dan DeMeo is on a leave of absence.
A CAN Capital spokesperson said, “As the board and our leadership team conducted our business reviews and looked at how we can best position the firm for future growth, we self-identified that some assets were not performing as expected and that there was a need for process improvements in collections. It became clear that our business has grown and evolved faster than some of our internal processes. As we work to improve these processes, the Board has named twelve-year CAN Capital veteran and senior executive, Parris Sanz acting head of the company and promoted Ritesh Gupta to COO, while Dan DeMeo, CEO, and two other members of his team are on a leave of absence. Over the past 18 years CAN Capital has consistently made decisions to position ourselves for growth and leadership in the industry and we look forward to helping small businesses succeed for many years to come.”
Sanz has been with CAN since 2004 in roles including chief legal officer, chief compliance officer and executive vice president.