The Wall Street Journal’s “Crisis of the Week” column asked three crisis and reputation management experts that question. Here’s an excerpt from my commentary:
“LendingClub’s board has managed this very well. It recognized the severity of the crisis and moved swiftly to investigate and publicly announce a breach of public trust by its founder and CEO, Renaud Laplanche. Then the board quickly removed him from the company.
“Throughout those steps, these leaders recognized the value of communication and transparency. LendingClub published a detailed statement on its website and has provided the media with continuous updates.”