(Bloomberg) -- 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.
--With assistance from Miles Weiss To contact the reporters on this story: Jenny Surane in New York at jsurane4@bloomberg.net, Zeke Faux in New York at zfaux@bloomberg.net. To contact the editors responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net, Steve Dickson, Steven Crabill
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