Erin Selleck
LendingClubAbout Erin Selleck
Erin Selleck (age 68) is an independent director of LendingClub (LC), serving since 2021 and standing for re‑election as a Class II director to a term ending at the 2028 annual meeting if elected . A career banking executive, she retired in 2014 after serving as Senior EVP & Treasurer of MUFG Union Bank, where she guided the bank through the 2008 financial crisis and balance sheet growth; earlier she held treasury roles at Bank of America; she holds a B.A. in Sociology and an M.B.A. from UC Berkeley . She is designated independent under NYSE rules and also serves concurrently on the board of LC’s banking subsidiary, LendingClub Bank, consistent with all LC directors .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| MUFG Union Bank (subsidiary of MUFG) | Senior EVP & Treasurer | Through 2014 (retired) | Guided bank through the 2008 financial crisis; balance sheet growth; navigated challenging regulatory environment |
| Bank of America | Vice President & Manager, Corporate Treasury | Prior to MUFG Union Bank (dates not disclosed) | Corporate treasury leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Broadway Financial Corp/Broadway Federal Bank (public) | Director | 2015 – March 2021 | Former public company directorship; no current other public boards disclosed |
Board Governance
- Committee assignments: Audit Committee member; Credit Risk & Finance Committee member; Operational Risk Committee member .
- Bank subsidiary leadership: Chaired a LendingClub Bank “Bank Only Committee” in 2024 (12 meetings; per‑meeting retainer structure) .
- Independence: Board determined Ms. Selleck is independent under NYSE rules .
- Attendance: In 2024, the Board held 8 meetings; each director attended at least 75% of Board and applicable committee meetings. LendingClub Bank’s board/committees held 60 meetings; each director attended at least 75% of applicable sessions .
| Governance Attribute | Detail |
|---|---|
| Years on LC Board | Director since 2021 (Class II) |
| Current LC Committees | Audit; Credit Risk & Finance; Operational Risk |
| Chair Roles | Chair, 2024 Bank‑Only Committee (Bank subsidiary) |
| Independence | Independent director (NYSE) |
| 2024 Attendance | ≥75% of Board/committee and Bank board/committee meetings |
Fixed Compensation (Director Fees – 2024)
LC’s non‑employee director program pays cash retainers plus RSUs; no perquisites are provided. Cash retainers are paid semi‑annually; Bank‑Only committees (at the subsidiary) pay per‑meeting retainers up to a $25,000 annual cap .
| Component | Amount | Notes |
|---|---|---|
| Base Board retainer | $40,000 | Standard for all non‑employee directors |
| Audit Committee member | $12,500 | Member retainer |
| Operational Risk Committee member | $8,000 | Member retainer |
| Credit Risk & Finance Committee member | $8,000 | Member retainer |
| Bank‑Only Committee chair | $24,000 | $2,000/meeting × 12 meetings in 2024 |
| Total 2024 cash fees (reported) | $92,500 | Matches disclosed “Fees Earned or Paid in Cash” for E. Selleck |
Performance Compensation (Director Equity)
Directors receive time‑based RSUs; no performance metrics apply to director equity grants. Continuing directors receive an annual RSU grant at the annual meeting with $200,000 grant date fair value, vesting quarterly over one year .
| Grant Type | 2024 Amount/Value | Vesting | Performance Metric |
|---|---|---|---|
| Annual RSU grant | $200,002 | Vests quarterly over one year | None (time‑based) |
Additional notes:
- No stock options are granted to directors; all director stock awards are RSUs .
- New director initial RSUs pro‑rated; $1,000 vests immediately to satisfy banking regulations minimum .
Other Directorships & Interlocks
- Current public company boards: None disclosed beyond LC .
- Prior public boards: Broadway Financial Corp/Broadway Federal Bank (2015–Mar 2021) .
- Compensation Committee interlocks: LC discloses none; no insider participation on Comp Committee .
Expertise & Qualifications
- Treasurer and capital markets expertise from senior roles at MUFG Union Bank and Bank of America, including navigating the 2008 crisis and regulatory complexity—strong fit for Audit and risk committees .
- Education: B.A. (Sociology) and M.B.A., University of California, Berkeley .
- Public company board experience (prior) and ongoing governance engagement at a regulated bank holding company .
Equity Ownership
LC requires each non‑employee director to hold at least $400,000 in LC equity within three years; all nominees/continuing directors are in compliance or have time remaining to comply. Hedging and pledging of company stock are prohibited .
| Ownership Detail | Amount |
|---|---|
| Beneficial ownership (shares) | 68,537 shares |
| Ownership as % of shares outstanding | ~0.06% (68,537 / 114,199,832) |
| Outstanding RSUs held (12/31/2024) | 13,646 units |
| Options held | 0 |
| Shares pledged as collateral | Prohibited by policy |
| Director ownership guideline | $400,000 (10× base cash retainer); in compliance or within allowed window |
Governance Assessment
- Strengths: Independent; multi‑committee risk oversight (Audit; Credit Risk & Finance; Operational Risk); chairs Bank‑Only committee—signals high engagement and subject‑matter depth in bank risk/governance .
- Alignment: Mix of cash and quarterly‑vesting RSUs; 2024 compensation was $92,500 cash and $200,002 RSUs; director ownership guidelines in place; hedging/pledging prohibited—solid alignment with shareholders .
- Attendance/engagement: Met at least the 75% threshold for LC Board/committees and Bank board/committees amid 8 Board and 60 Bank sessions in 2024—indicates capacity and commitment .
- Conflicts/related‑party: No related‑party transactions disclosed for Ms. Selleck; LC maintains Audit Committee review of related‑party transactions; no Compensation Committee interlocks disclosed—low conflict risk .
RED FLAGS: None identified in LC’s 2025 proxy specific to Ms. Selleck (no pledging, no related‑party transactions, independence confirmed, attendance above threshold) . Potential watch‑item is workload across multiple risk committees, though 2024 attendance remained strong .