LENDINVEST founder Christian Faes is stepping down as chief executive to become executive chair of the business.
The specialist property lender said that Faes (pictured) will be replaced by Rod Lockhart, who is currently head of capital markets and fund management, with effect from 13 January 2020.
Faes “remains fully committed to the business and will continue to be employed by the company”, said LendInvest’s listed subsidiary, LendInvest Secured Income, in a stock market update.
Upon his appointment, Lockhart becomes a director of LendInvest, joining Faes, Ian Thomas (co-founder and chief investment officer), Angelie Panteli (chief financial officer) and Chris Barnes (partner at Atomico) on the board of directors, the statement said.
LendInvest used to be a member of the Peer-to-Peer Finance Association, before it withdrew its P2P regulatory application and closed its platform to retail investors.
LendInvest was reportedly considering a £500m initial public offering last year, but shelved plans in favour of a private fundraising.