LendingClub Corp (NYSE:LC), an online marketplace that helps bridge borrowers and investors, has secured the services of BlackRock Inc veteran Patrick Dunne as its newest Chief Capital Officer, according to a company statement.
Since going public back in 2014, LendingClub’s (NYSE:LC) shareholder plights have been noteworthy given its abrupt fall in the aftermath of its IPO. Priced at $4.6 presently, shares have been facing a near unrelenting downward trajectory, pressuring the group beyond its earnings and shareholders. The group has had to navigate through increasingly congested waters, dictated by competitive market of online lenders and US interest rate concerns.
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The hire of Mr. Dunne will aim to help stimulate LendingClub’s (NYSE:LC) operations and earnings, relying on a longtime industry mainstay – Mr. Dunne has been at the forefront of investing for over twenty five years, following several notable stints across the industry.
He joins LendingClub from Blackrock, having worked as the head of the group’s iShares Global Markets and Investments business, which saw him based out of San Francisco. Mr. Dunne will be replacing Jeff Bogan, who left after months of woes facing the group. Previously, Mr. Bogan helped oversee efforts to sell more loans to institutional and retail investors.