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Brief: Lending Club announces leadership changes.

Breaking news (Bloomberg) — LendingClub announced today that CFO Carrie Dolan is stepping down. The company has appointed Bradley Coleman to be interim CFO. It is therefore expected that Mrs. Dolan’s stepping down will take effect immediately.

In addition, Lending Club announces a few additional leadership changes:

  • CEO Scott Sanborn has joined  the company’s board.
  • Tim Mayopoulos, Fannie Mae CEO, joins the board as well.

Scott Sanborn’s addition to the board is no surprise as it is expected for the company’s CEO to join the board. Mr. Mayopoulos joining the board is a very positive move for the company as he brings Fannie Mae’s credibility, experience and personal relations to the organization.

However, the sudden and immediate departure of the company’s CFO was unexpected. A normal course of action would have been the announcement that the CFO is departing and for a replacement transition and process to be put in place. Carrie Dolan has been a very close collaborator to Lending Club’s departed CEO, Renaud Laplanche.

“Public records show that Laplanche purchased a property in  California, in November 2015 through an entity called the Brant Point Trust. He transferred 4.47 million LendingClub shares to the trust on Dec. 9, according to a regulatory filing in March. From Dec. 9 to Jan. 15, the stake pledged to the trust had lost almost half its value, falling to about $35 million. After Laplanche obtained the new financing, he offered to loan enough money to Chief Financial Officer Carrie Dolan so that she could refinance a personal loan backed by her shares, according to the May 2016 filing. She declined to comment through a company spokesman.” reports Bloomberg.

These leadership changes are coming only a few hours before Lending Club Q2 earnings announcement. We are looking forward to the details of the announcement. Such a sudden departure of the company’s CFO is most likely a sign that the coming earnings announcement will be worse than expected.

George Popescu
George Popescu

About the author

George Popescu

Serial entrepreneur.

George sold and exited his most successful company, Boston Technologies (BT) group, in 2014. BT was a technology, market maker, high-frequency trading and inter-broker broker-dealer in the FX Spot, precious metals and CFDs space company. George was the Founder and CEO and he boot-strapped from $0 to a $20+ million in revenue without any equity investment. BT has been #1 fastest growing company in Boston in 2011 according to the Boston Business Journal and the only company being in top 10 fastest in 2012-13 as it was #5 in 2012. BT has been on the Inc. 500/5000 list of fastest growing companies in the US for 4 years in a row ( #143, #373, #897 and #1270). After the company sale in July 2014 until February 2015 George was Head-of-Strategy for Currency Mountain ( www.currencymountain.com ), a USD 100 million+ holding company focused on retail and medium institutional currencies, precious metals, stocks, fixed income and commodities businesses.

• Over the last 10 years, George founded 10 companies in online lending, craft beer brewery, exotic sports car rental space, hedge funds, peer-reviewed scientific journal ( Journal of Cellular and Molecular medicine…) and more. George advised 30+ early stage start-ups in different fields. George was also a mentor at MIT’s Venture Mentoring Services and Techstar Fintech in NY.

• Previously George obtained 3 Master's Degrees: a Master's of Science from MIT working on 3D printing, a Master’s in Electrical Engineering and Computer Science from Supelec, France and a Master's in Nanosciences from Paris XI University. Previously he worked as a visiting scientist at MIT in Bio-engineering for 2 years. George had 3 undergrad majors: Maths, Physics and Chemistry. His scientific career led to about 10 publications and patents.

• On the business side, Boston Business Journal has named me in the top 40 under 40 in 2012 in recognition of his business achievements.

• George is originally from Romania and grew up in Paris, France.

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