Jim Rosenthal, a former chief operating officer at Morgan Stanley, is joining the board of directors at OnDeck Capital.
The struggling online lender said Monday that Rosenthal will join its board on April 3.
Rosenthal served as Morgan Stanley’s chief operating officer from 2011 to 2016, and remains a senior adviser to the Wall Street investment bank. He also did a stint as the CEO of Morgan Stanley Bank, a $129 billion-asset institution based in Utah.
Earlier, Rosenthal held senior roles at Lehman Brothers and at the real estate company Tishman Speyer.
“Jim is a supremely talented executive whose vision contributed greatly to the success of Morgan Stanley and other organizations,” OnDeck CEO Noah Breslow said in a press release.
OnDeck, which went public in 2014, makes small-business loans of up to $500,000.
The New York-based company has recorded losses in five consecutive quarters amid concerns about deteriorating credit quality and other shifts in market dynamics. OnDeck’s stock price has fallen by more 75% since its initial public offering in December 2014.
In order to accommodate Rosenthal’s appointment, OnDeck said that it is expanding its board from eight to nine members.
