Transition is underway at Octane Lending. Ray Duggins is stepping out of his chief risk officer role and into a company advisor position. Mark Molnar succeeds Duggins.
Octane CEO and co-founder Jason Guss said, “Thanks to Ray’s tireless efforts, Octane benefits from cutting-edge risk models, strong credit performance and a team of exceedingly smart and talented Risk professionals. I am grateful for Ray’s leadership and friendship and am happy that he will continue to support Octane as an advisor.”
Duggins joined Octane in 2016 as an advisor. At the time, he was the company’s only risk employee. Duggins cultivated a risk team at Octane. He oversaw the launch of programs such as Octane’s in-house lender Roadrunner Financial, in-house servicing arm Roadrunner Account Services and the company’s proprietary risk model.
Under his leadership, Octane earned an AAA rating on the senior class of notes of its asset-backed securitization.
Duggins said, “I am most proud of nurturing and promoting the next generation of risk leaders, particularly the deep bench of risk talent that I am leaving in Mark’s capable hands. I look forward to seeing their future achievements.”
Molnar will oversee all Octane’s risk divisions, including credit, enterprise, compliance, collections, strategy and operating efficiencies. He will be responsible for strengthening the company’s risk department as Octane expands into new markets.
Molnar enters Octane with 30 years of credit experience at banks and fintech companies. Molnar oversaw the PayPal corporate risk controls and global operations teams for five years and held chief risk officer roles during his 16-year Citibank tenure. Earlier in his career, Molnar served as BankOne’s senior vice president of credit policy and decision management and Chase’s vice president of credit risk management.
Guss said, “Mark’s wealth of experience and considerable success navigating various economic credit cycles make him the perfect risk leader to help us position Octane for continued growth and success.”