Home Capital Group Fires Its CEO

Home Capital Group Inc. (TSX: HCG) announced today that it has named director Bonita J. Then interim President & Chief Executive Officer of the Company, replacing Martin K. Reid. The Company has commenced a search for a full-time replacement for the President & CEO position.

“Home Capital requires leadership that can bring to bear a renewed operational discipline, emphasis on risk management and controls, and focus on improving performance,” said Kevin P.D. Smith, Chair of the Board of Directors. “Our solid balance sheet, excellent market position and innovative products provide a strong foundation. Under the right leadership, the Company can build on that to create more value for our customers, shareholders, employees and other stakeholders. Our goal is to identify the right leader for the Company as soon as possible.”

Mr. Smith added: “In the meantime, we will continue to execute on our strategy under the supervision of Bonita Then, a longtime director who is an experienced executive in her own right, and the rest of our experienced management team.”

The Board of Directors has terminated the employment of Mr. Reid as President & Chief Executive Officer, effective immediately, and removed him from the Boards of Directors of the Company’s subsidiaries, including Home Trust. The Board and management of Home Capital Group thank him for his service and contributions since joining the Company in 2007, and wish him well in his future endeavours.

SOURCE Home Capital Group Inc.