Home Capital Group Inc. chief executive Gerald Soloway is stepping down after almost 3 decades at the helm from the mortgage lender.
He will hand the reins to company president Martin K. Reid at the company’s annual meeting on May 11.
Soloway will stay a director of Home Capital and subsidiaries Home Trust and CFF Bank.
“The Board want to thank Jerry, with respect to shareholders, employees and customers, for 3 decades of incredible service, building certainly one of Canada’s premier banking institutions from humble beginnings as well as in doing this helping thousands of Canadians reach their house ownership goals,” Kevin P. D. Smith, chairman from the boards of Home Capital and it is subsidiaries, said in a statement.
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Home Capital would be a darling of the financial services industry until a hiccup this past year. The firm cut ties with 45 mortgage brokers after an internal probe determined that “falsification of income information had occurred” on some loan applications.
However, the company figured no credit scores or property values had been falsified, and that it was unlikely the situation would result in credit losses.
In Monday’s statement, Smith credited Soloway with pioneering residential mortgages for that self-employed, as well as for those “with limited credit history that do not satisfy the lending criteria of major banking institutions.”
During his time as CEO, Home Capital grew from a dozen employees and about $51 million in assets to more than 870 employees and more than $25 billion in loans under administration.
Reid, his 56-year-old replacement, joined Home Trust, the regulated lending subsidiary of Home Capital, in 2007, as treasurer. This year, he was promoted to president of Home Capital and residential Trust.
In that role, Reid has already established “increasing responsibility for the daily operations of the business and interactions with Home Capital investors,” the company said inside a statement.
