TORONTO – Home Capital Group director Allan Hibben says the mortgage lender is looking to speed up its search for a new CEO as it works to restore investor confidence following allegations by Ontario’s securities watchdog.
Hibben, a former Royal Bank executive who joined Home Capital’s board earlier this month, says the Toronto-based lender is hoping to complete what is normally a 12-to-20-week process in just eight weeks.
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But Hibben says it’s a challenge because the pool of potential candidates – CEOs willing to step into troubled companies and work to turn them around – is likely not large.
READ MORE: Home Capital suspends dividend, revamps board as shares fluctuate
The company is also looking to recruit a new chief financial officer, although Hibben says the CEO should be in place first.
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Hibben also says there will likely be more governance changes at Home Capital, which provides mortgages to borrowers who don’t qualify for a loan from one of the big Canadian banks.
Savers have been pulling their deposits out of the cash-strapped lender since the Ontario Securities Commission alleged last month that the company misled investors in its handling of a scandal involving falsified loan applications. Home Capital has said the allegations are without merit.
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