TORONTO, Sept. 9,
2024 /CNW/ - MCAN Mortgage Corporation (d/b/a
MCAN Financial Group) ("MCAN") announced today that after a
comprehensive search, Santokh Birk will assume the Senior Vice
President and Chief Financial Officer role on October 1, 2024. He will support Don Coulter, President & CEO of MCAN and
join the executive leadership team.
Santokh brings over 30 years of progressive leadership
experience covering key areas in Finance, Risk Management and
Corporate Strategy with extensive international experience. He
joins MCAN from Home Trust Company, where he most recently was
the Senior Vice President, Finance & Chief Accounting Officer.
He was instrumental in leading a number of initiatives to improve
the financial performance of the company, in addition to
modernizing the finance function. Prior to this, Santokh held
a number of senior roles with HSBC in Canada, the Middle
East and the U.S. over a 28-year career.
Santokh graduated with a Bachelor of Administration (Honours)
from Simon Fraser University and a
Master of Business Administration (MBA) in Financial Services from
Dalhousie University. He also holds a
CPA, CA designation.
"We are excited to have Santokh join MCAN. He brings decades of
financial experience and a collaborative, energetic leadership
style. He will play a key role in the continued success
of MCAN. We look forward to having him on our team." says
President & CEO, Don
Coulter.
We would like to thank Peter
Ryan, our Interim CFO for his excellent leadership over the
past five months. Peter will be returning to his full time role as
Vice President, Controller.
About MCAN
MCAN Mortgage Corporation d/b/a MCAN Financial Group is a
public company listed on the Toronto Stock Exchange under the
symbol MKP and is a reporting issuer in all provinces and
territories in Canada. MCAN also qualifies as a Mortgage
Investment Corporation ("MIC") under the Income Tax Act
(Canada). MCAN is the largest
MIC in Canada and the only
federally regulated MIC.
MCAN's primary objective is to generate a reliable stream of
income by investing in a diversified portfolio of Canadian
mortgages, including residential mortgages, residential
construction, non-residential construction and commercial loans, as
well as other types of securities, loans, and real estate
investments. MCAN employs leverage by issuing term deposits
that are eligible for Canada Deposit Insurance Corporation deposit
insurance. MCAN is Investing in Communities and Homes for
Canadians.
A Caution About Forward-Looking
Information and Statements
This news release contains "forward-looking information" within
the meaning of applicable securities laws. Forward-looking
information can be identified by words such as: "expect", "intend,"
"plan," "seek," "believe," "estimate," "future," "likely," "may,"
"should," "will" and similar forward-looking language.
Forward-looking information contained in this news release includes
statements relating to Mr. Birk assuming the role of Senior Vice
President and Chief Financial Officer on October 1, 2024. Forward-looking information
entails various risks and uncertainties that could cause actual
results to differ materially from those expressed or implied in
such forward-looking information, including, but not limited to,
risks as discussed under "Risk Factors" in the Company's most
recent annual information form available under the Company's
profile on SEDAR+ at www.sedarplus.ca. In addition, general
risks relating to capital markets, economic conditions, regulatory
changes, as well as the operations of MCAN's business may also
cause actual results to differ materially from those expressed or
implied in such forward-looking information. Forward-looking
information is not a guarantee of future performance, and
management's assumptions upon which such forward-looking
information is based may prove to be incorrect. Investors are
cautioned not to place undue reliance on any forward-looking
information contained herein. The Company disclaims any obligation
to update or revise any forward-looking information contained in
this news release, whether as a result of new information, future
events or otherwise, except to the extent required by law.
SOURCE MCAN Mortgage Corporation