James Hobson, who has been OnDeck Capital's chief operating officer since 2012, is leaving the New York-based online lender.

OnDeck said Friday that Hobson is resigning to become the CEO of Attune, a new company in the commercial insurance sector whose backers include AIG.

OnDeck Capital has reported losses in four consecutive quarters, as institutional investors who buy small-business loans from the New York-based online lender have been demanding better prices amid concerns about deteriorating credit quality. Bloomberg News

"James will remain with OnDeck for another six weeks, assisting in the transition internally as well as working with some key business development partners," OnDeck said in a written statement.

OnDeck, which specializes in online small-business lending, said in a regulatory filing that it plans to spread Hobson's responsibilities among its existing executives.

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Kevin Wack

Kevin Wack

Kevin Wack is a California-based reporter for American Banker who covers the U.S. consumer finance industry.