The founder of Home Capital Group has stepped down from its board of directors with immediate effect.
Gerald Soloway had previously expressed his intention to retire once a suitable replacement could be found. That replacement is Alan Hibben, an experienced financial executive who has served as head of strategy and director of M&A at RBC, as an independent financial advisor, and as president of a trust company that faced a difficult restructuring and eventual sale after previous management had been relieved.
“This is the start of our governance renewal,” said Kevin Smith, Chairman of the Board. “We are very pleased to welcome Alan to the Board and thank Jerry for his many years of service in building the Company. Alan’s broad range of experience will be key in helping Home to navigate the new challenges facing the Company and to rebuild confidence. His skills will be particularly helpful as the Board works closely with management and advisors on solutions to the Company’s funding needs.”
Hibben has been appointed to the board with immediate effect and will stand for election at the company’s AGM next month.
“I am looking forward to working with the team at Home Capital to restore confidence in what is a fundamentally sound business, and one that plays a very important role in the Canadian housing finance system,” he said.
Meanwhile, the lender’s search continues for a chief executive who will in turn hire a new chief financial officer.