Online lending marketplace Prosper said on Monday that it has promoted its president Aaron Vermut to the CEO position. His father Stephan Vermut has moved on from the CEO slot to the role of executive chairman. Prosper, a competitor of Lending Club, connects individuals looking to secure loans with other individuals — not banks — who are interested in investing in lending. The Vermuts joined Prosper in January of last year alongside a $20 million investment from Sequoia Capital.
This article originally appeared on Recode.net.
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