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Home Capital Group Inc. leader 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 in the company’s annual meeting on May 11.
Soloway will remain a director of Home Capital and subsidiaries Home Trust and CFF Bank.
“The Board want to thank Jerry, on behalf of shareholders, employees and customers, for three decades of incredible service, building one of Canada’s premier banking institutions from humble beginnings and in doing so helping a large number of Canadians reach their house ownership goals,” Kevin P. D. Smith, chairman of the boards of Home Capital and it is subsidiaries, said inside 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 lenders after an internal probe determined that “falsification of revenue information had occurred” on some loan applications.
However, the company concluded that no credit ratings or property values had been falsified, which was unlikely the problem would result in credit losses.
In Monday’s statement, Smith credited Soloway with pioneering residential mortgages for that self-employed, and for those “with limited credit rating that do not meet the lending criteria of major financial institutions.”
During his time as CEO, Home Capital grew from the dozen employees and about $51 million in assets to more than 870 employees and most $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 Home Trust.
In that role, Reid has had “increasing responsibility for that daily operations from the business and interactions with Home Capital investors,” the company said inside a statement.
