Renaud Laplanche, the LendingClub Corp. founder who stepped down as chief executive officer in a May shakeup, is selling stock in the company valued at $20.1 million.
Laplanche disclosed a plan to execute options for 4.63 million shares of the San Francisco-based company in a filing dated June 29. Calls to Laplanche and LendingClub weren’t immediately returned.
Laplanche, 45, resigned as chairman and CEO in May, setting off a slide in LendingClub’s stock. The company, which matches consumers seeking loans with investors willing to fund them, said the exit was prompted by two incidents: Staff had altered application dates on some loans before their sale, and Laplanche failed to disclose his interests in a fund that LendingClub was considering investing in.