Online marketplace Lending Club announced the board of directors named Scott Sanborn as Lending Club’s CEO and president. Separately, Hans Morris, who had assumed the temporary role of executive chairman, has assumed the role of chairman of the Board of Directors.

“Scott and the management team have demonstrated they can lead Lending Club through this turbulent time,” said Morris. “The board has decided this is the right time to hand full responsibility over to Scott in his role as the CEO. With today’s announcements and Scott at the helm, Lending Club is now in a position to move forward.

“We have demonstrated the power of the Lending Club marketplace model to generate attractive, risk adjusted returns to investors,” said Lending Club CEO and President Scott Sanborn. “We are working closely with investors to rebuild confidence and are encouraged to see them returning to the platform.”