On Thursday, Chinese peer-to-peer lending platform Dianrong announced it has made a series of senior executive announcements. The online lender revealed Founder and former CEO, Soul Htite, has been named Executive Chairman, while Co-Founder and Co-CEO, Kevin Duo, was appointed Co-Chairman of the board. Former Chief Operating Officer, Long Hsiang Loh was promoted to CEO.
While sharing details about the executive leadership shake-up, Htite stated:
“Kevin and I started Dianrong five years ago with a handful of people in Shanghai and a vision for marketplace lending in China. Today, Dianrong has thousands of talented employees all across China who offer a full-suite of fintech solutions for SMEs and individuals. It’s been an amazing journey so far and we’re only just beginning to realize this company’s true potential. In order to write the next chapter in the Dianrong’s growth story, Kevin and I decided that we needed to hand over the daily operational responsibilities to a new CEO. We’re very fortunate that person is our own Long Hsiang Loh, who has helped us develop and execute our current strategy.”
The executive shake-up comes after Dianrong recently announced Series D Round funding of $220 million led by GIC Private Limited, Singapore’s sovereign wealth fund, along with CMIG Leasing, Simone Investment Managers, and other institutional and individual investors. Guo commented:
“With the recent US$220 million Series D round funding secured and continued business expansion and product innovation, we believe Dianrong is well-positioned for continued growth and success under Long Hsiang’s leadership. We are confident that his unique combination of traditional finance experience and fintech know-how will ensure continuity and consistency in Dianrong’s business operations.”
Prior to joining Dianrong, Loh spent nearly 20 years with Standard Chartered Bank, where he held various global and local leadership positions, including Global Head of Markets and Institutional Risk Management and Chief Credit Officer. He will oversee all aspects of the platform’s day-to-day operations, which reportedly includes loan originations and servicing, investment products, and marketplace lending solutions.