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Exec Shuffle at Online Lender Prosper as Aaron Vermut Named CEO

Jason Del Rey has been a business journalist for 15 years and has covered Amazon, Walmart, and the e-commerce industry for the last decade. He is a senior correspondent at Vox.

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.