Lending Club has brought in its new CFO. Thomas Casey is joining the wavering peer-to-peer lending company following the departure of Carrie Dolan.
Dolan left the company ahead of its Q2 2016 earnings call that revealed widening losses at the lender.
Lending Club has failed to regain its former momentum after CEO Renaud Laplanche departed amid scandal in May.
Casey joins the company having previously held the role of VP and CFO of Acelity, as well as executive positions at GE Capital, JP Morgan, Washington Mutual and Citi.
An 8-K filing with the SEC has also revealed that Casey will receive a salary of $425,000 with a $425,000 with a 75% bonus target plus $4.5 million in an initial equity award to vest quarterly over the next four years.
He will also receive a $600,000 signing bonus.
The hire follows Lending Club signing of Wall Street executives Valerie Kay and Raman Suri to rebuild relationships with investment banks, many of which lost confidence in the loan sold by the firm.
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