LendingClub announced on Wednesday (Feb. 26) its new Chief Risk Officer Annie Armstrong, who has decades of experience in risk management for financial service companies.
Current Chief Risk Officer Tim Bogan will be moving to the Chief Banking Integration Officer role for LendingClub. In that job, he'll be focused on the planning, processing and organizational work associated with the acquisition of Radius Bank by LendingClub. Armstrong will join LendingClub on March 16, and work with Bogan in transition to the role until she finally takes the helm in July, according to a press release.
CEO Scott Sanborn thanked Bogan in the press release for "[spearheading] all of the work" that led LendingClub to where it is now. He praised Bogan's long history with the company, and his knowledge of the industry in moving forward. Sanborn said he was "equally thrilled" to work with Armstrong, saying her experience with a variety of financial systems would make her qualified to "reimagine banking" with LendingClub.
Prior to LendingClub, Armstrong worked as Uber's global head of financial risk, and has the credit to her name of building the risk department sector for the ride-hailing company. Before Uber, Armstrong worked as global leader for marketplace lending at KPMG, and co-led the FinTech practice in the U.S.
Armstrong said her previous experience working with the audit, compliance and risk teams at past jobs like KPMG made her suited to help LendingClub as it acquired Radius Bank, as specific skills will be needed going forward. She will report directly to Sanborn, and oversee all functions related to risks, security and compliance.
LendingClub announced its acquisition of Radius Bank earlier this year, with a price tag of $185 million. The deal was praised by Sanborn as "transformative," and he said it would lead both companies on a path to becoming a digital bank.