LendingClub Appoints Two New Board Members

LendingClub (NYSE: LC) has appointed Faiz Ahmad and Kathryn Reimann as its newest members of its Board of Directors, effective August 15, 2022.

LendingClub also announced that Patricia McCord has decided that she will resign from the Board, effective September 30, 2022.

Scott Sanborn, CEO of LendingClub, said they are thrilled to have two new board members that bring a wealth of experience that will help them in their next phase of growth:

“Faiz’ experience in transforming the consumer experience for large brands coupled with Kathryn’s deep expertise in legal and compliance risk management across the financial services sector will help support our growth as a leading digital marketplace bank,” said Sanborn.  “With Patty wrapping up her tenure with the board, I’d like to thank her personally and on behalf of the company for her support as we transformed the business from a loan marketplace to a powerhouse digital bank at scale. I’m grateful for her counsel and wish her well on her future endeavors.”

LendingClub shares that Ahmad has more than two decades of expertise in leveraging technology to transform the customer experience for large consumer brands. He was previously CEO, Direct to Consumer at Optum, a subsidiary of United Health Group, and has also held leadership positions at Apple and Delta Airlines. Ahmad will serve on the Board’s Compensation Committee, Nominating and Corporate Governance Committee, and Operational Risk Committee.

Ahmad commented on his selection saying that LendingClub has an incredibly powerful digital marketplace bank:

“That is rare within financial services and it’s what intrigued me about the company. I’m excited to apply my expertise with large consumer brands to advise LendingClub as it finds even more ways to generate unique lifetime value for its members.”

Reimann spent more than two decades as a Chief Compliance Officer, most recently at Citibank, NA and before that, at American Express. Currently, she is an Adjunct Professor and Senior Fellow in the Program on Corporate Compliance & Enforcement at New York University School of Law, a regulatory advisor to Hummingbird Regtech and a Senior Advisor at Oliver Wyman. Reiman will serve on the Board’s Audit Committee, Credit Risk and Finance Committee and Operational Risk Committee.

Reimann said she was drawn to LendingClub due to its commitment to innovating across every aspect of its business:

“I am excited to be able to apply my experience in service of their vision of a new era in responsible banking.”

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