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.
For further information: Media: Boyd Erman, Longview Communications Inc., (416) 649-8007, [email protected]; Investors: Laura Lepore, Assistant Vice President, Investor Relations, (416) 933-5652, [email protected]