Lending Club Hires Former Chase, Citi Exec as CFO
Lending Club, which has been rebuilding its executive ranks in the wake of a recent scandal, is hiring Thomas Casey as its chief financial officer.
Casey worked most recently as executive vice president and CFO at the medical device company Acelity. He previously spent more than two decades in senior leadership roles at GE Capital, Washington Mutual, JPMorgan Chase and Citigroup, Lending Club said in a press release.
"Tom's outstanding reputation of strategic leadership, metrics-driven management, talent development, and integrity, combined with his experience working with investors, analysts, and regulators, will be enormously valuable as we further strengthen our foundation in preparation for our next chapter of growth," Lending Club Chief Executive Scott Sanborn said in a press release Monday.
Casey succeeds Carrie Dolan, whose resignation as CFO was announced on Aug. 8, the same day that the company announced an $81.4 million quarterly loss. The job was filled on an interim basis by Bradley Coleman, the firm's corporate comptroller.
In an interview, Sanborn said that Lending Club's search for a new CFO began before Dolan's resignation, since she had signaled her intent to leave the company.
Sanborn also said that Casey has the right mix of attributes for the job.
"We wanted someone grounded in the fundamentals, who understood financial services, but had shown some adaptability in their career," he said.
Lending Club operates an online platform that matches investors with consumers who are looking to take out personal loans, often for the purpose of consolidating other debts.
Sanborn has been looking to shore up the company's management ranks since he was named CEO on June 28. In July, Lending Club announced the hiring of Patrick Dunne as chief capital officer.
Renaud Laplanche, the company's founder and longtime CEO, was forced out on May 9 after the firm's board discovered that executives had falsified loan data in order to fit a buyer's specifications.