Lending Club (NYSE: LC) has instituted a series of leadership changes, including the appointment of Timothy J. Mayopoulos, president and CEO of Fannie Mae, to the board as an independent director, the company said. Mayopoulos has 30 years of experience in financial services, including as...
As part of a sweeping series of leadership changes at Lending Club, the troubled online lender has appointed Timothy Mayopoulos, president and CEO of Fannie Mae, to the board as an independent director. Lending Club CEO, Scott Sanborn, has also joined the board. The move comes after months of turmoil for the company, which was rocked by revelations that it had been secretly borrowing money from its own customers in order to fund risky investments with little or no collateral behind