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Peer2Peer Finance News | July 21, 2019

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Mystery over Lendy senior leadership continues

Mystery over Lendy senior leadership continues
Marc Shoffman

LENDY has insisted its first ever chief operating officer Robert Kelly is still with the business but his role remains unclear.

Kelly (pictured) joined the peer-to-peer property lending platform as its first-ever chief operating officer in May 2018, but he has left out his time at Lendy on his profile on business networking site LinkedIn.

To add further mystery, an update from the platform last week named David Gammon – who has since left the firm – as its most recent chief operating officer.

Lendy said in a statement to Peer2Peer Finance News that Kelly was still with the business but did not provide further details.

An investor update last week from Lendy revealed that three members of a board established to focus on recoveries have now departed.

These included Gammon, chief financial officer Paul Thompson and general counsel Gary Anderson.

The board had been established in December 2018 to “deliver the recovery programme” amid investor concerns about the level of arrears and defaults on the platform.

They were due to be based in a new office in Manchester, but Liam Brooke, chief executive of Lendy, said this was no longer required due to the platform making progress on recoveries and no longer planning to move to the North West.

Read more: Lendy widens access to wealth product amid IFISA launch

“We announced some changes to the board in December and since then, there have been further changes to senior personnel within Lendy,” Brooke said.

“As a large proportion of Lendy’s loanbook is in the North of England, we had been looking to set up an office in the Manchester area to oversee and manage the recoveries process.

“As the recoveries moved forward, this move has become less of a priority and we felt that expenditure on an additional office was not justified.

“Most of that team was based in the North West and the logistics of travel were increasingly time consuming. Gary, David and Paul each made valuable contributions to the business during a period of transition and have left on good terms.”

Brooke said a new executive leadership team has been appointed with “specialist industry expertise,” although he did not name the individuals in an update to investors.