John Mack, former chairman and chief executive at Morgan Stanley, was appointed chairman of the board of managers of Newport Beach-based Lantern Credit LLC.

Mack is an investor in Lantern Credit and since 2015 has been on the board, which includes John Sculley, former chairman of Apple, James Held, former chief executive of the Home Shopping Network, and Seth Johnson, former chief executive of Pacific Sunwear of California.

Lantern Credit says it helps consumers improve their credit scores in real-time and offers other options such as paying down past-due accounts or transferring credit account balances.

Mack currently sits on the boards of Lending Club, Glencore International AG and the Bloomberg Family Foundation.

Lantern Credit last July changed its name from New England Funding Technologies LLC. Generally, an LLC has a board of managers which is similar to a board of directors at a corporation.