OnDeck’s COO Announces Resignation Prior to Q4 Earnings
OnDeck COO James Hobson notified the company on Friday that he is resigning to “pursue another opportunity.” According to the 8-K filed with the SEC, it will become effective on March 15, 2017.
Hobson started at OnDeck in 2011 and became the COO in 2012.
The announcement comes weeks before OnDeck is expected to disclose their Q4 and full-year 2016 report. In Q3, the company had shifted to keeping more loans on their own balance sheet, while increasing their reliance on third party brokers for business. They had also reported a GAAP net loss of $16.6 million for the quarter, bringing the 2016 Q1 – Q3 total losses to $47.1 million.Last modified: February 3, 2017