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Peer2Peer Finance News | July 18, 2019

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Now Lending Club’s CTO has resigned

Now Lending Club’s CTO has resigned
Kathryn Gaw

SCANDAL-HIT US peer-to-peer platform Lending Club has been dealt a new blow with the resignation of its chief technology officer John MacIlwaine.

According to an 8K filing at the US Securities and Exchange Commission (SEC), MacIlwaine submitted his resignation on 15 December and is leaving the company to pursue another opportunity. His is the third high-profile departure of 2016, following the resignation of chief executive and founder Renaud Laplanche in May, and chief finance officer Carrie Dolan in August.

MacIlwaine had been with Lending Club since mid-2012, and previously served as chief technology officer at Morgan Stanley, where he directed the platform for all Morgan Stanley Dean Witter retail brokerage electronic commerce operations.

Richard Southwick, Lending Club’s senior vice president for technology, will oversee the company’s technology development and operations while a new chief technology officer is appointed.

Lending Club has had a difficult year, after an internal probe revealed loan irregularities and corporate governance issues. The scandal triggered an SEC investigation, and saw the company post a second-quarter loss of $81.4m (£65.4m) and a third quarter loss of $36.5m.

Former chief executive Laplanche has since founded a new online lending company called Credify Finance Corp., which is targeting a $50m turnover next year.