Online lender Lending Club made a series of leadership changes. Timothy J. Mayopoulos, president and CEO of Fannie Mae, was appointed to the board as an independent director. CFO Carrie Dolan has stepped down. Separately, Lending Club CEO Scott Sanborn has joined the board.
Mayopoulos has 30 years of experience in financial services, including as general counsel at Bank of America and senior leadership roles at Deutsche Bank and Credit Suisse First Boston.
“The board is very pleased to welcome Tim as independent Director,” said Hans Morris, board chair. “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,” Mayopoulos said. “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.”
Dolan resigned from her role as CFO to pursue a new opportunity. In response, Lending Club appointed Bradley Coleman to principal accounting officer and interim CFO. 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 recruit a new CFO.
These changes are in addition to the recent hires that 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.