Marketplace lender Lending Club has added Fannie Mae Chief Executive and President Timothy Mayopoulos to its board of directors.
Mayopoulos is not replacing any of the Lending Club's existing directors and will remain on the board until the company's 2018 annual meeting. He will also serve as a member of the board's audit committee.
As part of his appointment, Mayopoulos will receive a pro-rate portion of the company's annual cash retain and a grant of restricted stock units.
"Lending Club has an opportunity to change banking for the better, and I am excited to be part of it," Mayopoulos said in a news release Monday.
"Through its use of innovative technology, Lending Club makes affordable credit more broadly accessible to individuals, families and small businesses. I look forward to contributing my skills to help the company achieve its full potential in meeting this important market need."
Mayopoulos joined Fannie Mae in 2009 as general counsel and corporate secretary, becoming chief administrative officer in 2010 and CEO in 2012. Previously, he served as general counsel at Bank of America.
Lending Club also announced Monday that its longtime chief financial officer, Carrie Dolan, was resigning and that it recorded an $81.4 million quarterly loss.
The company has had a tough go since its founder, Renaud Laplanche, resigned as CEO in May after allegations were brought forth that the company's top executives falsified documents for a pool of loans sold to an investor.
