TORONTO, July 5, 2018 /CNW/ - The Board of Directors of MCAP announced today the retirement of Derek Norton, effective July 5th, 2018. Derek's tenure as Chief Executive Officer has spanned 18 years. During that time, he has been instrumental in driving MCAP's growth as a leading Canadian Mortgage Finance Company. Derek will continue his involvement with MCAP by remaining Vice Chairman of the Board and as chair of the Credit Committee.
The Board of Directors is pleased to announce that Mark Aldridge is promoted to President and Chief Executive Officer effective July 5th, 2018. Mark joined MCAP in 2001 and was President and Chief Operating Officer since 2013. He has over 25 years of experience in the financial services industry, including over 16 years of experience in the mortgage industry.
Working together, Derek and Mark have assembled a strong and effective team that has been successful in building MCAP into an industry leader in mortgage funding and product innovation, a reliable funding partner to residential brokers and developers across Canada and a key business partner with many of Canada's largest financial institutions.
MCAP is one of Canada's leading independent Mortgage Finance Companies operating in residential mortgages, commercial mortgages and construction loans. MCAP has more than 30 years of experience with over $70 billion in mortgage assets managed on behalf of banks, life insurance companies, credit unions and other institutional investors.
SOURCE MCAP Financial Corporation