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09

Mack Invested With Ex-LendingClub CEO in Loan-Buying Venture

By Tony Seruga

Ex-Morgan Stanley CEO John Mack is a director at LendingClub
Laplanche leaves after reviews into loans, disclosure lapse

Former Morgan Stanley Chairman and Chief Executive Officer John Mack invested in the same venture that contributed to the departure of LendingClub Corp. CEO Renaud Laplanche.

The difference is that Mack, a LendingClub board member, didn’t know the company was weighing an investment in Cirrix Capital, and so wasn’t expected to disclose his holding, according to people with knowledge of the situation. Laplanche presented the idea of having LendingClub invest in the venture to the board’s risk committee, while failing to disclose his personal stake, the people said…

Mack Invested With Ex-LendingClub CEO in Loan-Buying Venture

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