The New York-based online lender OnDeck Capital is replacing its longtime chief financial officer.
Howard Katzenberg will leave the company next month to pursue other opportunities, OnDeck said. The firm described Katzenberg’s departure as a mutual decision.
OnDeck’s new CFO will be Kenneth Brause, who previously served as executive vice president and treasurer at CIT Group.
“We are excited to welcome Ken to OnDeck and look forward to benefitting from his financial expertise and proven track record leading sophisticated financial services operations,” OnDeck CEO Noah Breslow said in a press release Monday.
“We are deeply grateful to Howard for his many contributions to OnDeck over the last decade, including nearly six years as our chief financial officer,” Breslow added.
OnDeck, which was founded in 2006 and held an initial public offering in 2014, specializes in small-business lending. After operating in the red for several quarters, the firm has recently been cutting costs in an effort to achieve profitability.
In the fourth quarter of 2017, OnDeck recorded net income of $5.1 million, its first quarterly profit in two years.
Under a separation agreement, OnDeck agreed to pay Katzenberg nine months of salary, plus a portion of his 2018 bonus. Katzenberg received $1.08 million in total compensation in 2016, the last year for which data is available.
Brause, who has more than three decades of experience in the financial services industry, will be paid a base salary of $375,000, plus a $150,000 signing bonus, an annual bonus targeted at $300,000 and stock awards.