Home Capital Group Inc (TSX: HCG) has appointed Alan Hibben to its board of directors, replacing Gerald Soloway, the company’s founder. Hibben has spent more than three decades serving in a number of senior executive roles in the financial industry. They include his role as head of RBC Capital Partners, the private equity and venture capital arm of the Royal Bank of Canada. This week, Reuters reported that several Canadian and U.S. private equity firms are considering bids to acquire Home Capital, a Toronto-based alternative mortgage lender.
Home Capital Announces Changes to the Board of Directors: Alan Hibben to Replace Gerald Soloway Effective Today
TORONTO, May 5, 2017 /CNW/ – Home Capital Group Inc. (“The Company” TSX: HCG) announced that Alan Hibben has been appointed to the Board of Directors effective today, replacing Gerald Soloway, the Founder of the Company, who had previously announced his pending retirement.
“This is the start of our governance renewal,” said Kevin Smith, Chairman of the Board. “We are very pleased to welcome Alan to the Board and thank Jerry for his many years of service in building the Company. Alan’s broad range of experience will be key in helping Home to navigate the new challenges facing the Company and to rebuild confidence. His skills will be particularly helpful as the Board works closely with management and advisors on solutions to the Company’s funding needs.”
Mr. Smith added that more changes are pending: “We have made considerable progress in identifying new candidates for the Board and in our search for a new Chief Executive Officer. The new CEO will in turn be involved in the hiring of a new Chief Financial Officer, providing a major refresh in our corporate leadership as part of the the process of rebuilding the Company.”
Mr. Hibben is an experienced director and financial executive. During his career, he has served as an independent financial advisor to clients including the Ontario government; as head of strategy at Royal Bank of Canada, the country’s largest financial institution; as a managing director of mergers and acquisitions at RBC; and as president of a trust company that faced a difficult restructuring and eventual sale after previous management had been relieved.
Mr. Hibben said: “I am looking forward to working with the team at Home Capital to restore confidence in what is a fundamentally sound business, and one that plays a very important role in the Canadian housing finance system. As the Company moves ahead with the important process of governance and leadership renewal, I will also work to encourage other candidates to join the Board in short order.”
Mr. Hibben will be appointed to the Board effective today and will stand for election at the Company’s upcoming Annual Meeting, which will be held next month in Toronto.
Mr. Gerald Soloway had indicated last month that he felt it was in the best interest of the Company if he stepped down from the Board upon the appointment of a replacement with recognized expertise in financial services. As a result, Mr. Soloway will resign from the Board effective today and not stand for re-election.
Alan Hibben Biography
Mr. Hibben has had a wide-ranging career in financial services, with specific experience in merger and acquisition advisory services, private equity and venture capital, trust company management, project and leveraged finance, and Eurobond sales and trading.
Mr. Hibben retired as a Managing Director in the Mergers and Acquisitions Group of RBC Capital Markets in December of 2014. Previously, he held the position of Head, Strategy & Development at RBC Financial Group. In this role, he was responsible for corporate strategy as well as merger, acquisition and development activities for the Bank. He was also Chief Executive Officer, RBC Capital Partners, the private equity investment arm of RBC Financial Group.
Prior to RBC, Mr. Hibben worked in senior roles at North American Trust Company, including serving as President from 1991 to 1993. He led this 30-branch, 650-employee national trust company through a restructuring and sale after previous management had been relieved and market conditions had eliminated profitability.
Mr. Hibben currently provides financing and strategic advice and expert witness services through his advisory and investment company, Shakerhill Partners Ltd. Since December 2014, he has been an advisor to the Province of Ontario on a number of files, including the Companies’ Creditors Arrangement Act (CCAA) processes for Stelco and Algoma Steel. He is also a director of HudBay Minerals Inc. (TSX and NYSE: HBM), Extendicare Inc. (TSX: EXE) and the Mount Sinai Hospital Foundation.
He earned a B.Com. from the University of Toronto and is qualified as a Canadian CPA. He is also a CFA charter holder and an Institute Certified Director (ICD.D) of the Institute of Corporate Directors.
About Home Capital Group Inc.
Home Capital Group Inc. is a public company, traded on the Toronto Stock Exchange (HCG), operating through its principal subsidiary, Home Trust Company. Home Trust is a federally regulated trust company offering residential and non-residential mortgage lending, securitization of insured residential mortgage products, consumer lending and credit card services. In addition, Home Trust offers deposits via brokers and financial planners, and through its direct to consumer deposit brand, Oaken Financial. Home Trust also conducts business through its wholly owned subsidiary, Home Bank. Licensed to conduct business across Canada, Home Trust has offices in Ontario, Alberta, British Columbia, Nova Scotia, Quebec and Manitoba.
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