LendingClub said Friday that two prominent members of its board of directors, John Mack and Mary Meeker, will not seek re-election.
Mack is the former CEO of Morgan Stanley. Meeker is a former Wall Street analyst who later became a partner at the Silicon Valley venture capital firm Kleiner Perkins.
Both of them joined LendingClub’s board in 2012, two years before the online lender’s initial public offering. They will remain on the board until the firm’s 2019 annual meeting, which is expected to be held during the second quarter.
“There was no disagreement with the company; instead, they decided not to stand for re-election so each could allocate more of their time and effort to other interests and opportunities,” a spokeswoman for the San Francisco company said in an email.
LendingClub CEO Scott Sanborn said in a written statement that Meeker and Mack provided invaluable guidance during their tenures. “In anticipation of this transition, we have been bringing on the next generation of board members,” he added.
Susan Athey, a professor at Stanford’s business school, joined the LendingClub board last year, shortly before former Treasury Secretary Lawrence Summers resigned from the board. Other recent additions to the board include Ken Denman, the former CEO of Emotient, and Patty McCord, the former chief talent officer at Netflix.
LendingClub specializes in the refinancing of credit card debt.
