Bryan Sullivan and Eric Woersching Join Blend’s Board of Directors

Rhea-AI Summary

Blend (NYSE: BLND) has announced the election of Bryan Sullivan and Eric Woersching to its Board of Directors during the annual meeting of stockholders on June 12, 2024. Sullivan, who will serve as Chair of the Audit Committee and a member of the Compensation Committee, brings over 20 years of experience in consumer lending and identity intelligence. Woersching, joining the Audit Committee and the Nominating and Corporate Governance Committee, has a background in advising high-growth software companies. The appointments aim to guide Blend's next phase of growth and innovation. This move follows the recent addition of Brian Sheth to the board in April 2024, associated with a $150 million investment by Haveli Investments.

Positive

• Appointment of experienced board members to drive growth and innovation.
• Bryan Sullivan's extensive background in consumer lending and identity intelligence.
• Eric Woersching’s experience with high-growth software companies.
• Alignment of new board members' roles with strategic business committees.
• Recent $150 million investment by Haveli Investments associated with board expansion.

Negative

• None.

Blend Bolsters its Board of Directors to Guide Next Phase of Growth

SAN FRANCISCO--(BUSINESS WIRE)-- Blend (NYSE: BLND), a leading provider of digital banking solutions, is pleased that Bryan Sullivan and Eric Woersching have been elected to its Board of Directors, at the Company’s annual meeting of stockholders held on June 12, 2024.

As of June 12, 2024, Sullivan is serving as Chair of the Audit Committee and member of the Compensation Committee, and Woersching is serving as a member of the Audit Committee and Nominating and Corporate Governance Committee.

“We’re thrilled to welcome Bryan Sullivan and Eric Woersching to Blend’s Board of Directors,” said Nima Ghamsari, Chair of the Board and Head of Blend. “Sullivan brings over 20 years of experience as an executive, advisor, and operator in consumer lending and identity intelligence businesses, and Woersching’s success advising high-growth software companies will be invaluable as we continue to bring innovative banking solutions to our customers and enhance value for Blend’s shareholders.”

Sullivan currently serves as the Chief Operating Officer and Chief Financial Officer of Identity Intelligence Group, a financial intelligence company specializing in identity theft protection, credit monitoring and financial education. Sullivan was also Executive Vice President and Chief Financial Officer at loanDepot, where he helped lead the company through several acquisitions, capital financings and significant growth.

“Blend has taken several major steps over the last few years to set the business up for long-term success,” said Sullivan. “With a market-leading business, a stronger balance sheet, and a single platform powering multiple types of originations and deposit gathering, Blend now has the opportunity to drive much more efficient growth and innovation for its customers. I have known Blend and Nima since my early days at loanDepot and I am honored to now become a member of the Board, and I look forward to helping Blend build upon its strong foundation.”

Woershing has been a board member and chair of the audit committee at Palantir Technologies since 2022. Prior to that, he led corporate development at EasyPost, was a General Partner at Initialized Capital, and was a portfolio manager and head trader at Thiel Macro and Clarium Capital, from 2008 to 2016.

“Blend is the gold standard for digital banking technology for financial institutions,” said Woersching. “By building a strong reputation with many sophisticated financial institutions, I believe they are uniquely positioned to lead the digital transformation trend in banking. I look forward to partnering with the Board and helping to maximize the opportunity ahead.”

These elections closely follow the appointment of Brian Sheth, who joined Blend’s Board of Directors in April 2024, in connection with a $150 million investment by Haveli Investments, and was also elected by stockholders at the annual meeting. Mr. Sheth, Founder of Haveli Investments, has nearly twenty-five years of experience investing in technology businesses.

Along with Bryan Sullivan, Eric Woersching, and Brian Sheth, Blend’s Board of Directors includes Timothy J. Mayopoulos, former President and CEO of Fannie Mae; Erin Lantz, Chief Revenue Officer of Ethos; Gerald Chen, General Partner at Greylock Partners. To learn more about the Blend’s Board of Directors, visit investor.blend.com/governance.

About Blend

Blend is the infrastructure powering the future of banking. Financial providers—from large banks, fintechs, and credit unions to community and independent mortgage banks—use Blend’s platform to transform banking experiences for their customers. Blend powers billions of dollars in financial transactions every day. To learn more, visit blend.com.

Forward-Looking Disclaimer

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements generally relate to future events, future performance or expectations and involve substantial risks and uncertainties. Forward-looking statements in this press release may include, but are not limited to, our expectations regarding our market size and growth opportunities, macroeconomics and industry conditions, capital expenditures, plans for future operations, competitive position, technological capabilities and strategic relationships, as well as assumptions relating to the foregoing. The forward-looking statements contained in this press release are subject to risks and uncertainties that could cause actual outcomes to differ materially from the outcomes predicted. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “would,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other comparable terminology that concern Blend’s expectations, strategy, plans or intentions. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by which such performance or results will be achieved, if at all. Further information on these risks and uncertainties are set forth in our filings with the Securities and Exchange Commission. All forward-looking statements in this press release are based on information available to Blend and assumptions and beliefs as of the date hereof. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. Except as required by law, Blend does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240618167792/en/

Chloé Demeunynck

press@blend.com

Source: Blend

FAQ

When were Bryan Sullivan and Eric Woersching elected to Blend’s Board of Directors?

Bryan Sullivan and Eric Woersching were elected to Blend’s Board of Directors on June 12, 2024.

What committees will Bryan Sullivan and Eric Woersching be serving on at Blend?

Bryan Sullivan will serve as Chair of the Audit Committee and a member of the Compensation Committee. Eric Woersching will serve on the Audit Committee and the Nominating and Corporate Governance Committee.

What experience does Bryan Sullivan bring to Blend’s Board of Directors?

Bryan Sullivan has over 20 years of experience in consumer lending and identity intelligence, having held positions such as COO and CFO of Identity Intelligence Group and EVP and CFO at loanDepot.

What is Eric Woersching's background before joining Blend’s Board of Directors?

Eric Woersching has been a board member and Chair of the Audit Committee at Palantir Technologies since 2022 and has experience in corporate development, capital management, and high-growth software companies.

What recent investment is associated with the expansion of Blend's Board of Directors?

The recent $150 million investment by Haveli Investments in April 2024 is associated with the expansion of Blend's Board of Directors.