LendingClub's new CEO Scott Sanborn said he was being groomed to eventually take over the company. Just not so soon.
Sanborn was named permanent CEO of the online lender in June, seven weeks after founder Renaud Laplanche was abruptly ousted for activities that the board deemed improper. Sanborn had just been promoted to president from head of marketing and operations in April.
"Renaud and I had talked about this eventuality and were indeed planning for it," Sanborn said on Tuesday, in an interview at the Money20/20 conference in Las Vegas. "I anticipated it would take more than a few weeks."
Whereas Laplanche, who started LendingClub in 2006, was an outspoken technology entrepreneur and industry pioneer, Sanborn is a quieter operator who was suddenly thrown into the fire.