TORONTO, Feb. 29, 2016 /CNW/ - Home Capital Group Inc. (TSX: HCG) today announced the planned retirement of Chief Executive Officer Gerald M. Soloway, and the appointment of Martin K. Reid as Mr. Soloway's replacement.
After almost 30 years as Chief Executive Officer of Home Capital, Mr. Soloway has indicated his intention to retire as CEO of Home Capital and its operating subsidiary, Home Trust Company, as of Home Capital's annual general meeting on May 11, 2016.
Acting in accordance with the Company's succession planning process, the Boards of Directors of Home Capital, Home Trust and CFF Bank have named Martin Reid to the role of CEO and President of Home Capital, Home Trust and CFF Bank. Mr. Soloway will remain a director of Home Capital, Home Trust and CFF Bank.
"The Board would like to thank Jerry, on behalf of shareholders, employees and customers, for three decades of incredible service, building one of Canada's premier financial institutions from humble beginnings and in doing so helping thousands of Canadians reach their home ownership goals," said Dr. Kevin P. D. Smith, Chairman of the Boards of Home Capital, Home Trust and CFF Bank. "The entrepreneurial spirit of Home Capital and the value the Company has created are testaments to Jerry's hard work and to his vision. We wish Jerry well in his retirement from the role of CEO, and we are pleased to still have his counsel as a director."
Mr. Soloway is credited with pioneering the provision of first residential mortgages for the self-employed and for those with limited credit history, who do not meet the lending criteria of major financial institutions. This vision became the basis of Home Capital, which was founded in 1986 by a group that included Mr. Soloway.
Mr. Soloway became Chief Executive Officer and President of Home Capital in 1987. In Mr. Soloway's time as CEO, the Company has grown from a dozen employees and approximately $51 million in assets to more than 870 employees and more than $25 billion in loans under administration. Today, Home Capital is Canada's leading alternative financial institution in the mortgage sector.
"It's been my honour and pleasure to serve as CEO of such a great company, and to work with so many wonderful people over the years to build this business," said Mr. Soloway. "The team at Home Capital today is second to none. I know that the Company is in great hands, and I am very confident in their ability to take Home Capital to new heights under the leadership of Martin Reid."
Martin Reid, 56, joined Home Trust, the regulated lending subsidiary of Home Capital, as Treasurer in 2007. In 2010, he was promoted to President of Home Capital and Home Trust. In that role, Mr. Reid has had increasing responsibility for the daily operations of the business and interactions with Home Capital investors.
Mr. Reid has more than 30 years of financial services industry experience in numerous senior management positions in treasury and capital markets. He is also a director on the First Canadian Title Advisory Board. Mr. Reid graduated from York University with a B.A. in Economics, is an Accredited Mortgage Professional (AMP) and holds an ICD.D from the Institute of Corporate Directors at the Rotman School of Management.
"It is an honour to be chosen by the Board to lead Home Capital as we look to build on Jerry's vision of creating one of Canada's most dynamic and innovative financial institutions," said Mr. Reid. "The future of this organization is very bright, and I am excited by the opportunity to bring the Company's outstanding products and services to even more Canadians over the coming years."
Caution Regarding Forward-looking Statements
This press release contains forward-looking information within the meaning of applicable Canadian securities legislation. Please refer to the Home Capital's Annual Report, available on Home Capital's website at www.homecapital.com, and on the Canadian Securities Administrators' website at www.sedar.com, for Home Capital's Caution Regarding Forward-looking Statements.
About Home Capital and Home Trust
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, CFF 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.
For further information: Gerald M. Soloway, CEO, or Martin Reid, President, 416-360-4663, www.homecapital.com