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Peer-to-peer loan marketplaceLendingClub (NYSE: LC) has experienced the second high-level departure in its management ranks so far this year. The company announced that Carrie Dolan resigned from the post of CFO. The reason given was that she wanted to "pursue a new opportunity." LendingClub did not elaborate.
Image source: Lendingclub
Her job will be filled on an interim basis by the company's former corporate controller, Bradley Coleman. LendingClub said it has retained an international search firm, which it did not identify, to find a more permanent replacement.
Dolan's departure comes just shy of three months after LendingClub's founder Renaud Laplanche vacated the CEO position. This followed an internal company review over a set of loans made in violation of internal policies.
Does it matter?
Dolan's departure, so close to Laplanche's exit, doesn't exactly build confidence in LendingClub's business. This is compounded by the company's Q2 results, which unhelpfully were released the same day the CFO transition was announced.
The quarter saw LendingClub's net loss deepen by more than analysts expected, to over $81 million compared to $4 million in Q2 2015. Meanwhile, overall loan volume cratered by almost 30% from the previous quarter to land just shy of $2 billion.
Rubbing salt in LendingClub's wounds, fellow alternative financier OnDeck Capital (NYSE: ONDK) just reported a far more encouraging Q2. Drawing a contrast to its peer, OnDeck Capital beat profitability estimates and saw significant growth in loan originations.
Despite a loss that -- similar to LendingClub -- deepened on a year-over-year basis, OnDeck Capital's improvements are tempting investors to come back to the stock. Over the past week, OnDeck Capital's share price has improved by 12%, compared to the 3% of Lending Club stock.
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