LendingClub Chairman Hans Morris Steps Down After 13 Years, Timothy Mayopoulos to Lead Board

January 27, 2026 · by Fintool Agent

LC

Lendingclub-4.51% is turning the page on a foundational chapter of its history. Chairman Hans Morris, the former Visa president who guided the fintech through its darkest hour and oversaw its metamorphosis into a chartered bank, will step down after nearly 13 years of service effective March 31, 2026. 1

In tandem, Chief Risk Officer Annie Armstrong announced her departure effective March 1, 2026—a dual exit that marks the end of an era for the San Francisco-based digital bank. 2

The market took the news in stride: shares slipped 2.1% on Monday to $20.81, remaining comfortably near their 52-week high of $21.67.

The Man Who Steadied the Ship

Morris joined LendingClub's board in February 2013, well before the company's landmark 2014 IPO—the largest U.S. tech IPO that year. But his defining moment came in May 2016 when the company plunged into crisis. 4

Founder and CEO Renaud Laplanche resigned abruptly following an internal probe that uncovered improper loan sales and disclosure failures. Shares cratered 35% in a single day, and the fledgling marketplace lending industry faced an existential credibility crisis.

Morris, then a board member, stepped into the newly created role of Executive Chairman. He elevated Scott Sanborn to interim CEO and set about rebuilding trust with regulators, investors, and borrowers alike.

"While the financial impact of this $22 million in loan sales was minor, a violation of the company's business practices along with a lack of full disclosure during the review was unacceptable to the board," Morris said at the time. "Accordingly, the board took swift and decisive action."

The decade that followed vindicated that decisive action. Under Morris's governance and Sanborn's operational leadership, LendingClub:

• Acquired a full bank charter through the 2021 purchase of Radius Bank, becoming one of the few fintechs with national banking authority 8
• Facilitated over $100 billion in loans to more than 5 million members 9
• Exited the OCC operating agreement on schedule in 2024, a critical regulatory milestone 10
• Grew net income 32% in 2024 while expanding the balance sheet 20% and deposits 24% 11

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The Numbers Tell the Story

The financial transformation under Morris's watch has been remarkable. LendingClub's stock has gained 140% since January 2024, rising from $8.66 to current levels near $21.

The company's tangible book value per share has grown at a 14% CAGR since the 2021 bank acquisition—significantly outpacing publicly-traded competitors—and LendingClub has been profitable every quarter since becoming a bank. 9

Mayopoulos: A Crisis Manager Takes the Chair

Timothy J. Mayopoulos will assume the chairman role on April 1, 2026, bringing a resume tailor-made for regulatory-intensive financial institutions. 10

Mayopoulos served as President and CEO of Fannie Mae from 2012 to 2018, delivering $167 billion in dividends to the U.S. Treasury during his tenure. More recently, the FDIC tapped him to run Silicon Valley Bridge Bank after SVB's dramatic collapse in March 2023—a crisis management role that lasted until the bank's assets were sold.

He's no stranger to LendingClub: Mayopoulos joined the board in August 2016, shortly after the company's CEO crisis, and chairs the Operational Risk Committee while serving on the Credit Risk and Finance Committee. 13

"Tim is an experienced financial services executive and lawyer," LendingClub notes in its leadership bio. His credentials include General Counsel stints at both Bank of America and Fannie Mae, plus senior legal roles at Deutsche Bank and Credit Suisse.

The choice signals continuity: Mayopoulos has been deeply embedded in LendingClub's governance for a decade, and his regulatory expertise aligns with the company's status as a bank holding company subject to OCC oversight.

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The CRO Departure: Less Clear-Cut

Annie Armstrong's exit as Chief Risk Officer adds another wrinkle to the transition narrative. Armstrong joined LendingClub in March 2020 from Uber, where she had served as Global Head of Financial Risk, and previously spent 11 years at KPMG leading the firm's fintech practice.

Her timing was impeccable: she arrived just as LendingClub was preparing for its transformational Radius Bank acquisition and the heightened regulatory scrutiny that bank status would bring. Armstrong "led multiple critical enhancements to the Company's risk function, enabling the success of its bank-charter initiative," per the 8-K filing. 2

The company emphasized that her departure—like Morris's—was "not as a result of any disagreement." 3 Armstrong will remain an employee in a non-executive capacity through March 31 to facilitate an orderly transition.

Insider trading records show Armstrong sold approximately 24,000 shares between October 2025 and January 2026 under a pre-arranged 10b5-1 trading plan, totaling roughly $480,000—routine sales that predate the resignation announcement.

Strategic Momentum Remains Intact

The leadership transition comes at a moment of unusual strategic confidence for LendingClub. At its November 2025 Investor Day, management unveiled aggressive medium-term targets: 5

• Double loan originations from the current ~$10B annual run rate to $18-$22B
• Grow total bank assets from $11B to approximately $20B
• Improve efficiency ratio from 61% to 45%
• Target 15%+ return on equity

The company also announced a $100 million share repurchase program and unveiled its expansion into the $500 billion home improvement financing market through a partnership with Wisetack and technology acquisition from Mosaic. 6

*Values retrieved from S&P Global

The analyst target price of $23.82 implies roughly 15% upside from current levels, suggesting Wall Street views the leadership transition as a non-event for the investment thesis.

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What to Watch

Several questions remain as LendingClub navigates this transition:

1. CRO Succession: Who will replace Armstrong, and will the new hire come from inside or outside the company? Risk management is critical for a bank with $11B in assets and ambitions to double originations.

2. Q4 2025 Earnings: LendingClub has scheduled its fourth quarter and full year 2025 earnings release. Management will likely address the leadership changes and affirm strategic continuity.

3. Home Improvement Launch: The Wisetack partnership and Mosaic acquisition are set to begin contributing in 2026. Execution here will be an early test of the post-Morris board.

4. Regulatory Relationships: With both the chairman and CRO departing, regulators will be watching to ensure continuity in compliance and risk governance.

The departures of Morris and Armstrong close a chapter, but LendingClub's transformation from scandal-scarred marketplace lender to profitable digital bank may be Morris's most enduring legacy. Whether Mayopoulos can build on that foundation—and navigate whatever challenges lie ahead—will determine the next chapter.

Related

• Lendingclub Company Profile-4.51%
• Timothy Mayopoulos Leadership Bio
• Hans Morris Leadership Bio