+1 for Swift Capital, -1 for Lending Club

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Swift Capital has named Tim Naughton as Chief Legal Officer, according to a company announcement on Thursday. “Prior to joining Swift Capital, Naughton advised Bank of America’s small business lending and deposit services as assistant general counsel and senior vice president,” it says. “He served as external counsel for American Express and Sallie Mae, and was a partner at Hudson Cook specializing in financial and regulatory compliance.”

Hudson Cook law firm coincidentally produced the merchant cash advance industry’s training course.

Meanwhile, Lending Club disclosed in an 8-K Thursday that CTO John MacIlwaine had tendered his resignation “to pursue another opportunity.” MacIlwaine had been with the company for more than 4 years. He is the latest of several C-level execs to depart in 2016. Former CEO Renaud Laplanche resigned in a scandal earlier this year and CFO Carrie Dolan, like MacIlwaine, also resigned “to pursue another opportunity” back in August. Other executives including Jeff Bogan and Adelina Grozdanova, Lending Club’s Head of Investor Group and Vice President, Head of Institutional Investors respectively, also both resigned in May. Lending Club’s stock is down more than 50% since the beginning of the year.

Last modified: December 18, 2016

Category: Industry News, Loans

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