TORONTO, July 6, 2017 /CNW/ - Home Capital Group Inc. (the "Company"TSX: HCG) today announced that Greg Parker has been named to the newly created role of Executive Vice President, Strategy, and that David Cluff, currently Chief Credit Officer, will replace Mr. Parker as Executive Vice President, Enterprise Risk Management and Chief Risk Officer (CRO) of Home Capital, effective immediately.
As EVP, Strategy, Mr. Parker will focus on identifying and evaluating options to further develop the Company's business and strengthen prospects for long-term growth.
"Greg is a highly capable executive who demonstrated his abilities through the critical role he played during the transactions recently undertaken to rebuild confidence in Home Capital and position the Company for success in the future. We look forward to him continuing his work on developing and executing on strategic opportunities as we continue to transform the Company," said Bonita Then, Interim Chief Executive Officer of Home Capital. "David Cluff, part of our experienced management team, is an excellent choice to step into the key position of CRO."
"David brings knowledge of Home Capital's risk management practices and operating structure as well as experience with the Office of the Superintendent of Financial Institutions (OSFI), where he spent more than a decade and most recently held the position of Director," said Alan Hibben, Chair of Home Capital's Risk and Capital Committee. "One of David's first responsibilities will be to review and analyze the impact of Guideline B-20 revisions announced earlier today by OSFI. I look forward to working with David, who will report directly to me."
Statement on OSFI Revisions to Guideline B-20 Draft
OSFI issued today for comment revisions of Guideline B-20 Residential Mortgage Underwriting Practices and Procedures. The revisions include a qualifying stress test for uninsured mortgages, a prohibition on co-lending arrangements intended to circumvent regulatory requirements and additional guidance on the use of loan to value measurements used as a risk control.
The Company is currently evaluating the potential impact of the adoption of the updated Guideline B-20 on the Company's business.
Greg Parker, EVP, Strategy
Greg Parker was appointed Executive Vice President and Chief Risk Officer in January 2015. Mr. Parker joined Home Capital in 2010 as Treasurer. Prior to joining Home Capital he was Director, Capital Markets Division, with OSFI. Mr. Parker began his career as a Senior Trader with the Bank of Montreal and has held a variety of senior capital market positions with CIBC Wood Gundy, Security Pacific (now Bank of America) and Deutsche Bank, among others.
Mr. Parker obtained a BBA from Acadia University and a MBA from Dalhousie University. Mr. Parker also serves on the Board of Directors of the Company's wholly owned subsidiary PSiGate Inc. Mr. Parker holds an ICD.D designation from the Rotman School of Business.
David Cluff, EVP, Enterprise Risk Management and Chief Risk Officer
David Cluff joined Home Capital in 2012 and has since held senior positions including Vice President Enterprise Risk Management and Chief Credit Officer. Mr. Cluff brings an extensive background in credit and risk management. He was responsible for developing and leading the implementation of a credit governance framework for Home Trust Company. Prior to joining Home Capital Mr. Cluff spent 12 years at the Office of the Superintendent of Financial Institutions where his last role was Director, Credit Risk Division. During his tenure with OSFI, Mr. Cluff developed a deep understanding of the regulatory landscape for financial institutions.
Mr. Cluff obtained a BComm from Mount Allison University and an MBA from St. Mary's University and is a CFA charterholder.
Caution Regarding Forward-looking Statements
This press release contains forward-looking information within the meaning of applicable Canadian securities legislation. Please refer to Home Capital's 2016 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 Group Inc.
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 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.
For further information: Laura Lepore, Assistant Vice President, Investor Relations (416) 933-5652, [email protected]