Lending Club (NYSE:LC) has revealed significant executive leadership changes on Monday.
Separately on the same day, the company has also issued its latest quarterly earnings report.
Corporate Leadership Changes
Lending Club has named Timothy Mayopoulos, Fannie Mae CEO and President, as an independent director of the Lending Club Board. Scott Sanborn, Lending Club CEO, has also been appointed as a new member of the Lending Club Board.
Hans Morris, Lending Club Board Chairman, is pleased to have Mayopoulos and Sanborn on the team, citing their respective leadership prowess and industry expertise as key contributions to the company’s Board of Directors.
Moreover, Lending Club has also named Bradley Coleman as the Interim Chief Financial Officer (CFO) and Principal Accounting Officer. This comes after Carrie Dolan, now the former Lending Club CFO, has recently left the company to pursue new endeavors in her career.
Coleman has been the corporate controller of Lending Club for three years now. He will continue to fulfill his duties under this officership along with the added responsibilities resulting from his recent appointment. Accordingly, a global executive search firm is already working out on selecting a perfect fit to joint Lending Club as the new CFO.
These changes in the company’s executive leadership add to the series of new appointments over the past few months, which include the appointments of Patrick Dunne and Sameer Gulati as Chief Capital Officer and Chief Operations and Strategy Officer, respectively.
Q2 Financial Highlights
For the period, the company had a 2% year-over-year surge in loan originations to $1.96 billion from $1.91 billion.
Operating revenue jumped 7% year-over-year to $102.40 million from $96.10 million. Net loss, on the other hand, also rose significantly year-over-year to $81.40 million from $4.10 million.
Moreover, Lending Club reported an adjusted earnings per share (EPS) of $(0.09), which is relatively down year-over-year from an adjusted EPS of $0.03.
The company ended the period with $832 million in cash, cash equivalents, and securities available for sale and no outstanding debts.