Late last week, the Board of Directors of MCAP announced the appointment of Mark Aldridge as the company’s new President and CEO, effective July 5, 2018.
Aldridge, who joined MCAP in 2001, was promoted from his service as President and COO since 2013. He brings with him over 16 years of mortgage industry experience, with a total of over 25 years of experience in financial services.
Aldridge’s appointment came in the wake of former CEO Derek Norton’s retirement, effective the same day as well. Norton served as MCAP’s CEO 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,” MCAP stated in its announcement.
MCAP – which manages over $70 billion in residential and commercial mortgages as well as construction loans, all on behalf of banks and other financial institutions – stated that its leadership will continue making strides in keeping with its status as an industry leader in mortgage funding and product innovation.