LendingClub Says Acting CEO’s Investor Presentation Canceled

Updated on
  • Sanborn was to appear with finance chief at Stifel conference
  • Firm doesn’t immediately elaborate on why talk was called off

LendingClub Corp.’s first investor presentation since the stock plunged in the wake of a leadership shakeup last month has been canceled.

Acting Chief Executive Officer Scott Sanborn and Chief Financial Officer Carrie Dolan were scheduled to appear at 9:45 a.m., San Francisco time, on Monday for a “fireside chat” with Stifel Financial Corp. analyst Scott Devitt.

Sanborn has been trying to shore up investor confidence after the surprise resignation of founder Renaud Leplanche, who served as CEO and chairman, last month. The stock has tumbled 32 percent since the shakeup was announced May 9. Buyers of loans arranged online by the company have pulled back, hurting its ability to fund the debts and fuel growth.

A spokesman for LendingClub said in an e-mail Monday that the scheduled presentation at Stifel’s technology conference is no longer happening. He didn’t immediately elaborate. Joel Jeffrey, a representative for Stifel, didn’t immediately respond to a request for comment.

LendingClub’s stock climbed 3.7 percent to $4.79 at 12:45 p.m. in New York. The company has been working with Wall Street firms as it explores new ways to fund loans. It’s scheduled to hold an annual meeting with shareholders Tuesday, according to its website.