TORONTO, March 10 /CNW/ - Xceed Mortgage Corporation (TSX: XMC), a Canadian provider of insured mortgages, today announced the appointments of Michael Jones as interim Chief Operating Officer and Jeff Bouganim as Vice-President, Finance, effective March 16, 2010.
In addition, Mr. Jones will take the position of interim President, and Jeff Bouganim will take the position of Chief Financial Officer, both effective May 1, 2010, following the planned departure on April 30 of the company's current President and Chief Financial Officer, Karen Martin.
"We are very sorry to be losing Karen Martin and wish her well for the future. At the same time, we are very pleased to be welcoming Michael Jones back to Xceed," said Ivan Wahl, Chairman and Chief Executive Officer.
"Michael was part of our founding management and shareholder group when we purchased the Xceed Mortgage assets from a Canadian bank in 2002. He served as President and Chief Operating Officer from then until early 2008 when the turmoil in Canada's capital markets, particularly the collapse of the asset-backed commercial paper funding for securitizing non-traditional mortgages, necessitated that we restructure our business.
"During much of the past year, Michael has been working with us to assist in our preparations and the application process toward becoming Xceed Bank/Banque Xceed, a federally regulated deposit-taking institution. We continue to discuss with the Office of the Superintendent of Financial Institutions our proposed conversion to a bank," Mr. Wahl said.
Prior to joining in the 2002 buyout of the Xceed Mortgage business, Mr. Jones had gained extensive experience in the mortgage industry in Canada, including serving from 1996 to 2002 as Vice-President, Commercial Mortgages of CIBC Mortgages Inc.
Jeff Bouganim is an experienced senior executive who in his career has worked in various sectors of the financial services industry, including banking, brokerage, and capital markets. Most recently, Mr. Bouganim has been providing advisory services to those launching or acquiring financial services businesses in Canada. Two of his assignments concerned establishing banking operations in Canada.
Previously, Mr. Bouganim served as Chief Financial Officer with Dundee Bank of Canada, including assisting with its sale to and subsequent integration with Scotiabank. Prior to that, during nearly eight years with CIBC World Markets Inc., he held the positions of Vice-president and Trading Room Controller and then as Vice-President and Chief Financial Officer. Earlier positions included Vice-President and Controller at Salomon Smith Barney Canada Inc. and as a Senior Auditor with Arthur Andersen & Co. Mr. Bouganim is a Chartered Accountant and holds a Bachelor of Business Administration degree from Schulich School of Business, York University.
"After eight years with Xceed," said Karen Martin, "I feel that with the effort of the past year completed for our planned conversion to a bank, it is timely for my own transition. It has been a great experience working with our team to help in creating and building Xceed, and in working together to deal with the challenges of the past several years. I will continue to follow with great interest the progress that Xceed should make in the future."
About Xceed Mortgage
Xceed Mortgage Corporation, based in Toronto, is a Canadian provider of insured residential mortgages that it originates in Canada. The company has approximately $1.9 billion of mortgages and other assets under administration. Xceed's shares are traded on the Toronto Stock Exchange (TSX: XMC). To find out more about Xceed Mortgage Corporation, visit our website at www.xceedmortgage.com.
Forward-looking statements in this document are based on current expectations that are subject to significant risks and uncertainties. Actual results might differ materially due to various factors such as the competitive nature of the mortgage industry, the ability of Xceed to continue to execute its growth and development strategy, and the reliance of Xceed on key personnel. Xceed assumes no obligation to update these forward-looking statements, or to update the reasons why actual results could differ from those reflected in these. Additional information identifying risks and uncertainties is contained in Xceed's regulatory filings available on its website and at www.sedar.com.
SOURCE XCEED Mortgage Corporation
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