TORONTO, March 27, 2017 /CNW/ - Home Capital Group Inc.
(the "Company", TSX: HCG) announced today that it has named
director Bonita J. Then interim
President & Chief Executive Officer of the Company, replacing
Martin K. Reid. The Company has
commenced a search for a full-time replacement for the President
& CEO position.
"Home Capital requires leadership that can bring to bear a
renewed operational discipline, emphasis on risk management and
controls, and focus on improving performance," said Kevin P.D. Smith, Chair of the Board of
Directors. "Our solid balance sheet, excellent market position and
innovative products provide a strong foundation. Under the right
leadership, the Company can build on that to create more value for
our customers, shareholders, employees and other stakeholders. Our
goal is to identify the right leader for the Company as soon as
possible."
Mr. Smith added: "In the meantime, we will continue to execute
on our strategy under the supervision of Bonita Then, a longtime director who is an
experienced executive in her own right, and the rest of our
experienced management team."
The Board of Directors has terminated the employment of Mr. Reid
as President & Chief Executive Officer, effective immediately,
and removed him from the Boards of Directors of the Company's
subsidiaries, including Home Trust. The Board and management of
Home Capital Group thank him for his service and contributions
since joining the Company in 2007, and wish him well in his future
endeavours.
About Bonita J. Then
Bonita J. Then is an experienced
corporate executive who has been a member of the Home Capital Group
board of directors since 2008. As a director, she has served as
chair of the Risk and Capital Committee and vice chair of the Audit
Committee.
Ms. Then is the retired President and Chief Executive Officer of
Specialty Foods Limited, a U.S. based food company. Prior to
joining Specialty Foods Limited, she was Chair of the Board and
interim Chief Executive Officer for Humpty Dumpty Snack Foods Inc.
Prior to 2006, she held several senior finance roles with companies
such as Altamira Investment Services Inc., National Trustco Inc.,
Scott's Hospitality Inc., Central Guaranty Trustco Inc. and Shell
Canada Limited.
She holds a bachelor's degree in economics and an MBA in Finance
from the University of Toronto and
holds an ICD.D designation. From 1991 until 2014, she served on the
Investment Advisory Committee for Nunavut Trust and also served on
the board of the University of Toronto Asset Management Corporation
from 2008 to 2011. Prior to 2005, Ms. Then served on the board of
the Earlscourt Family Centre, GeniSystems.ca Services Inc., the
Toronto Victoria Order of Nurses and was a member of the
Ontario Premier's Technology
Council.
Home Capital Group Inc. is a public company, traded on the
Toronto Stock Exchange (HCG), operating through its principal
subsidiary, Home Trust Company. Home Trust is a federally regulated
trust company offering residential and non-residential mortgage
lending, securitization of insured residential first mortgage
products, consumer lending and credit card services. In addition,
Home Trust offers deposits via brokers and financial planners, and
through its direct to consumer deposit brand, Oaken Financial. Home
Trust also conducts business through its wholly owned subsidiary,
Home Bank. Licensed to conduct business across Canada, Home Trust has offices in Ontario, Alberta, British
Columbia, Nova Scotia,
Quebec and Manitoba.
SOURCE Home Capital Group Inc.