Lending Club appoints Scott Sanborn as CEO alongside Hans Morris as Chairman of the Board of Directors

– USA, CA – Lending Club (NYSE: LC), the world’s largest online marketplace connecting borrowers and investors, announced today that the board of directors named Scott Sunburn as Lending Club’s CEO and President. Separately, Hans Morris, who had assumed the temporary role of Executive Chairman, has assumed the role of Chairman of the Board of Directors.

“Scott and the management team have demonstrated they can lead Lending Club through this turbulent time,” said Mr. Morris. “The board has decided this is the right time to hand full responsibility over to Scott in his role as the CEO. With today’s announcements and Scott at the helm, Lending Club is now in a position to move forward.”

“We have demonstrated the power of the Lending Club marketplace model to generate attractive, risk adjusted returns to investors,” said Lending Club CEO and President Scott Sanborn. “We are working closely with investors to rebuild confidence and are encouraged to see them returning to the platform.”

About Scott Sanborn

Scott Sanborn is CEO and President of Lending Club. Appointed in June 2016, he was charged by the Board of Directors with transforming the company and bringing a heightened degree of transparency and disciplined growth to Lending Club operations.

A six-year veteran of the company, Scott previously held the roles of President, Chief Marketing Officer and Chief Operations Officer. He helped lead the company through a prolonged period of triple digit growth that led to its 2014 IPO, and has been a driving force in the management and development of the organization.

Before joining Lending Club, Scott was the Chief Marketing and Revenue Officer for eHealth Insurance, a publicly traded ecommerce company, where he helped create double digit growth in revenue and new customer acquisition. His earlier roles included having been President of RedEnvelope, Inc., an e-commerce and catalogue retailer of upscale gifts, and Senior Vice President of Marketing for the Home Shopping Network, a television and internet retailer of consumer products. He holds a BS from Tufts University.

About Lending Club

Lending Club’s mission is to transform the banking system to make credit more affordable and investing more rewarding. The company’s technology platform enables it to deliver innovative solutions to borrowers and investors. We operate at a lower cost than traditional bank lending programs, so we’re able to pass the savings on to borrowers in the form of lower rates and to investors in the form of solid returns. Lending Club is based in San Francisco, California.

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