Prosper Marketplace, a leading online marketplace for consumer credit, today announced that the company’s board of directors has named David Kimball Chief Executive Officer.
Kimball succeeds Aaron Vermut and the appointment is effective December 1, 2016. Vermut has served as the CEO of Prosper Marketplace since March 2014 and will retain his seat on the company’s board of directors.
Kimball joined Prosper Marketplace in March 2016 as Chief Financial Officer. He was previously with USAA where he spent nine years overseeing a variety of finance functions including capital markets, treasury, accounting, and FP&A. Prior to USAA, David spent ten years at Ford Motor Company and Ford Motor Credit Company in both the U.S. and U.K., where he played a key role in Ford Credit’s financial strategy during the financial downturn.
“Since joining Prosper Marketplace, David has shown that he is a strong leader with a vision for how to take this company into the future,” said Vermut. “I’m incredibly proud of the company we’ve built, and feel this is the right time for me to step away from day-to-day operations and transition the leadership of this company to David. As a board member, I will continue to work with him and the entire executive team on Prosper’s growth and success moving forward.”
“I came to Prosper because I believe in its mission to facilitate the financial well-being of its customers, and that it can do so even more nimbly than traditional financial services companies,” said Kimball. “It is a mission predicated on strong risk management, underwriting excellence, and a powerful digital interface. I am even more convinced now that online marketplaces for credit can create lower average borrowing rates for consumers and attractive returns for investors. Going forward, we will build on our existing strengths and find creative ways to partner and expand. I have been impressed with the dedication and professionalism of my Prosper coworkers and I look forward to continuing the momentum established by Aaron and the team.”
“While the marketplace lending industry has had a tumultuous year, the value that Prosper brings to borrowers looking for access to affordable credit and investors looking for solid returns remains as strong as ever,” said Pat Grady, Partner at Sequoia Capital. “David’s leadership capabilities, combined with his experience in consumer credit, are a huge asset to the company. We’re thrilled to have him take the company through its next phase of growth. At the same time, we also want to thank Aaron for his dedication to the company during his tenure as President and CEO.”