Lending Club said Thursday that it has hired Sameer Gulati, formerly of McKinsey & Co., to be its chief operations officer and promoted another executive, Scott Sanborn, to president. Both are newly created positions at the nonbank lender.
Gulati will step into his role May 16 and report to the San Francisco company's CEO, Renaud Laplanche.
Gulati, who was a partner at McKinsey and led its digital banking practice, "has more than a decade of experience advising global and emerging financial services institutions on topics in retail banking, consumer credit, digital payments, and risk management," Lending Club said in a press release.
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As regulators begin taking a harder look at marketplace lenders, questions are being raised about how fair-lending rules are being applied and what, if any, obligations those new participants might have to low- and moderate-income borrowers.
April 15 -
Suddenly, online lenders are struggling, or paying higher prices, to attract the institutional money that has fueled their rapid rise.
April 13 -
Lending Club reported record earnings in the fourth quarter thanks to soaring loan demand.
February 11
Sanborn joined Lending Club as chief marketing officer in 2010 and was promoted to marketing and operating chief in 2013. He will now manage the company's product lines, including personal loans, small-business financing and patient and education financing. He will also be in charge of marketing and product development.
Gulati and Sanborn "both embrace Lending Club's mission of making credit more affordable and investing more rewarding, and are both passionate about using technology and better processes to design and deliver products that change people's lives," Laplanche said in the press release.
