Online lending platform for small businesses OnDeck (NYSE: ONDK) announced it has appointed Kenneth Brause as its new Chief Financial Officer, effective March 26th, as part of a mutually agreed upon transition process. The lender reported that current Chief Financial Officer, Howard Katzenberg. Katzenberg will serve as an advisor to OnDeck until April 13th, working closely with Brause to facilitate a smooth transition.
According to OnDeck, Brause brings more than 30 years of experience in the financial services industry to the lender’s team. Most recently, Brause served as Executive Vice President and Treasurer of CIT Group and CIT Bank with responsibility for all areas of CIT’s Treasury function, including funding & liquidity, investments, balance sheet management, and capital management. Brause was also Chief Financial Officer for CIT’s North America Banking group with responsibility for overseeing all financial aspects of the company’s Commercial Services, Corporate Finance, Equipment Finance, Factoring, and Consumer Banking activities. Brause previously served as the President of CIT’s Small Business Lending group, managing the firm’s SBA lending activities, and also served as the integration lead for CIT’s purchase of OneWest Bank, as well as CIT’s head of Investor Relations.
“We are excited to welcome Ken to OnDeck and look forward to benefitting from his financial expertise and proven track record leading sophisticated financial services operations.”
Brause then commented:
“OnDeck is the clear leader in online small business lending, and I am very pleased to join Noah and the rest of the team at such an exciting time in the company’s evolution and growth trajectory.”
“We are deeply grateful to Howard for his many contributions to OnDeck over the last decade, including nearly six years as our Chief Financial Officer. Howard has helped position OnDeck for our next phase of growth and profitability and we wish him the best in his future endeavors.”