NEW YORK, March 12, 2018 /PRNewswire/ -- OnDeck® (NYSE: ONDK), the leader in online lending to small business, today announced that the Company will appoint Kenneth (Ken) A. Brause as its Chief Financial Officer effective March 26, 2018, as part of a mutually agreed upon transition process between the Company and current Chief Financial Officer, Howard Katzenberg. Katzenberg will serve as an advisor to OnDeck until April 13, 2018, working closely with Brause to facilitate a smooth transition.
"We are excited to welcome Ken to OnDeck and look forward to benefitting from his financial expertise and proven track record leading sophisticated financial services operations," said Noah Breslow, OnDeck's Chairman and Chief Executive Officer.
Brause said, "OnDeck is the clear leader in online small business lending, and I am very pleased to join Noah and the rest of the team at such an exciting time in the company's evolution and growth trajectory."
Brause, 53, joins OnDeck with more than 30 years of experience in the financial services industry. Most recently, Brause served as Executive Vice President and Treasurer of CIT Group and CIT Bank with responsibility for all areas of CIT's Treasury function, including funding & liquidity, investments, balance sheet management, and capital management. Prior to becoming Treasurer, Brause was Chief Financial Officer for CIT's North America Banking group with responsibility for overseeing all financial aspects of the company's Commercial Services, Corporate Finance, Equipment Finance, Factoring, and Consumer Banking activities. Brause previously served as the President of CIT's Small Business Lending group, managing the firm's SBA lending activities, and also served as the integration lead for CIT's purchase of OneWest Bank, as well as CIT's head of Investor Relations.
Earlier in his career, Brause was the Investor Relations Officer for The Bank of New York and American General Corporation, and served as the Vice President of Strategy & Development at Horizon Blue Cross Blue Shield of New Jersey. After beginning his career at Booz, Allen & Hamilton, Brause spent 13 years at Bankers Trust in various financial roles, including head of Investor & Media Relations and as a Principal in Debt Capital Markets. Brause received his M.B.A. in Finance and Accounting from The University of Chicago Graduate School of Business (now known as the Booth School of Business) and his B.S. of Economics in Finance and Management from The Wharton School of the University of Pennsylvania.
Breslow continued, "We are deeply grateful to Howard for his many contributions to OnDeck over the last decade, including nearly six years as our Chief Financial Officer. Howard has helped position OnDeck for our next phase of growth and profitability and we wish him the best in his future endeavors."
Katzenberg said, "The last ten years at OnDeck have been truly remarkable, and I take great pride in the company we've built. OnDeck's business is now well positioned to drive significant shareholder value, and I wish Ken much success in his new role."
OnDeck (NYSE: ONDK) is the leader in online small business lending. Since 2007, the company has powered Main Street's growth through advanced lending technology and a constant dedication to customer service. OnDeck's proprietary credit scoring system – the OnDeck Score® – leverages advanced analytics, enabling OnDeck to make real-time lending decisions and deliver capital to small businesses in as little as 24 hours. OnDeck offers business owners a complete financing solution, including the online lending industry's widest range of term loans and lines of credit. To date, the company has deployed over USD$8 billion to more than 80,000 customers in 700 different industries across the United States, Canada and Australia. For more information, please visit www.ondeck.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other legal authority. Forward-looking statements include statements regarding the hiring of a new, and the departure of the current, Chief Financial Officer and possible future growth and profitability. These forward looking statements are based only on our current beliefs, expectations and assumptions. They are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and in many cases outside our control.
As a result, you should not rely on any forward-looking statements. OnDeck's expected results may not be achieved, and actual results may differ materially from OnDeck's expectations. Important factors that could cause actual results to differ from OnDeck's forward-looking statements are the risks that OnDeck may not be able to manage its anticipated or actual growth effectively, that its credit models do not adequately identify potential risks, and other risks, including those described in our Annual Report on Form 10-K for the year ended December 31, 2017 and in other documents that we file with the Securities and Exchange Commission from time to time which are or will be available on the Commission's website at www.sec.gov. Except as required by law, we undertake no duty to update the information in this press release.