Sweden listed P2P lending provider TrustBuddy announced big news yesterday.
In a move to adapt to a changing legislative environment and to further strengthen its expertise, the company nominates a new Chairman, three further board members and the reshaping of the CEO role.
Mr Simon Nathanson has accepted to run as the new Chairman of the Board, in the election at the EGM in November. Mr Nathanson has over twenty years’ experience within the Swedish financial services industry. He is currently a senior partner in Wishmaker Innovation previously held the position of the CEO of Neonet Securities and EVP of OM Stockholm Stock Exchange. He is also a former board member at Burgundy AB (a multilateral trading facility owned by the Oslo Stock Exchange). “I have accepted the nomination for the position as Chairman of TrustBuddy. TrustBuddy is a very exciting company, with a great potential. Jens and his team have built something totally new, and the goal for me is to take the company to the next level” says Nathanson.
The current COB Eivind Jørundland will continue as board member. “I have been the Chairman of TrustBuddy since the founding start in 2009. As we enter the next phase it is natural to hand over to a Chairman with solid experience and complementing expertise” says Jørundland.
In addition to enhancing the board, from the start of 2015, Jens Glasø, current CEO and founder, will become “Head of Product Strategy and Development” and be responsible for product development, new markets and concept developments. TrustBuddy will announce a new CEO in due course, with Mr. Glasø continuing as CEO until at least 1 January 2015. In the words of Mr Glasø: “Since conceiving the idea of a P2P company back in 2009 I have been involved in every part of every project have undertaken. As the company matures, in order to drive the TrustBuddy forward, I have decided to focus on my primary competencies within product innovation and market development“.
In addition to Simon Nathanson, in order to further strengthen the firm’s leadership panel, TrustBuddy nominates the following as candidates for board membership at the November EGM:
- Tove Mette Dramstad (1965): MBA with experience as General Manager and CEO of Jernbarnepersonalets Sparebank, currently General Manager of TEØ Property AS.
- Torsten Örtengren (1963): Masters and MBA from the Stockholm School of Economics. Partner at Arkios AB and Chairman of PR Vård Holding. Former Chairman of Jobzone Sweden AB and Head of Listing and surveillance in the NASDAQ OMX Stockholm Exchange.
- Eivind Jørundland (1960): MBA with authorization as stockbroker. Chairman of TrustBuddy since the start in 2009 and Managing Director Moementum. Former CEO of Optimum ASA.
It’s exciting times for TrustBuddy and the P2P industry as a whole. The highly anticipated IPO of industry giant Lending Club is likely to move investors’ attention to the sector, which enjoys high growth. Yesterday’s move by TrustBuddy is a clear sign that the company wants to be a leading actor and contribute to build a legislative environment in the markets it is active in, which many times is still somewhat of a grey zone. P2P lending is revolutionizing the banking industry and given its novelty, it is only natural that there critics as well. We believe the most likely outcome will be that legislators and industry players will find a set of regulations that works for both the consumer and the P2P lenders. TrustBuddy seems more and more well equipped to lead that constructive development.
The fact that several insiders have been constantly buying TrustBuddy shares over the summer can only be seen as a sign that there are more good news to come.