Lending Club CEO abruptly resigns amid $22m loan investigation

• Renaud Laplanche quit Monday as company's stock plummeted 25%
• Loan issued by company violated investor's instructions, statement said

The CEO of online loan company Lending Club, Renaud Laplanche, abruptly resigned Monday morning in the wake of an internal investigation around a $22m loan that was issued to an investor "in contravention of the investor's express instructions", according to a statement from the company.

How exactly the loan contravened the instructions of the borrower was unclear from the statement, but that didn't stop the price of the company's stock from plummeting more than 25% when the US stock markets opened.