05:45:32 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Home Capital Group Inc
Symbol HCG
Shares Issued 80,246,349
Close 2017-07-06 C$ 15.89
Market Cap C$ 1,275,114,486
Recent Sedar Documents

Home Capital Group makes management changes

2017-07-06 17:36 ET - News Release

Ms. Bonita Then reports

HOME CAPITAL ANNOUNCES APPOINTMENTS OF EXECUTIVE VICE PRESIDENT, STRATEGY, AND CHIEF RISK OFFICER; COMPANY TO EVALUATE POTENTIAL IMPACT OF OSFI B-20 REVISIONS

Home Capital Group Inc. has named Greg Parker to the newly created role of executive vice-president, strategy, and David Cluff, currently chief credit officer, will replace Mr. Parker as executive vice-president, enterprise risk management, and chief risk officer (CRO) of Home Capital, effective immediately.

As EVP, strategy, Mr. Parker will focus on identifying and evaluating options to further develop the company's business and strengthen prospects for long-term growth.

"Greg is a highly capable executive who demonstrated his abilities through the critical role he played during the transactions recently undertaken to rebuild confidence in Home Capital and position the company for success in the future. We look forward to him continuing his work on developing and executing on strategic opportunities as we continue to transform the company," said Bonita Then, interim chief executive officer of Home Capital. "David Cluff, part of our experienced management team, is an excellent choice to step into the key position of CRO."

"David brings knowledge of Home Capital's risk management practices and operating structure as well as experience with the Office of the Superintendent of Financial Institutions (OSFI), where he spent more than a decade and most recently held the position of director," said Alan Hibben, chair of Home Capital's risk and capital committee. "One of David's first responsibilities will be to review and analyze the impact of Guideline B-20 revisions announced earlier today by OSFI. I look forward to working with David, who will report directly to me."

Statement on OSFI revisions to Guideline B-20 draft

OSFI issued today for comment revisions of Guideline B-20 Residential Mortgage Underwriting Practices and Procedures. The revisions include a qualifying stress test for uninsured mortgages, a prohibition on co-lending arrangements intended to circumvent regulatory requirements and additional guidance on the use of loan to value measurements used as a risk control.

The company is currently evaluating the potential impact of the adoption of the updated Guideline B-20 on the company's business.

Management bios

Greg Parker, EVP, strategy

Mr. Parker was appointed executive vice-president and chief risk officer in January, 2015. Mr. Parker joined Home Capital in 2010 as treasurer. Prior to joining Home Capital he was director, capital markets division, with OSFI. Mr. Parker began his career as a senior trader with the Bank of Montreal and has held a variety of senior capital market positions with CIBC Wood Gundy, Security Pacific (now Bank of America) and Deutsche Bank, among others.

Mr. Parker obtained a BBA from Acadia University and an MBA from Dalhousie University. Mr. Parker also serves on the board of directors of the company's wholly owned subsidiary PSiGate Inc. Mr. Parker holds an ICD.D designation from the Rotman School of Business.

David Cluff, EVP, enterprise risk management, and chief risk officer

Mr. Cluff joined Home Capital in 2012 and has since held senior positions including vice-president enterprise risk management and chief credit officer. Mr. Cluff brings an extensive background in credit and risk management. He was responsible for developing and leading the implementation of a credit governance framework for Home Trust Company. Prior to joining Home Capital Mr. Cluff spent 12 years at the Office of the Superintendent of Financial Institutions where his last role was director, credit risk division. During his tenure with OSFI, Mr. Cluff developed a deep understanding of the regulatory landscape for financial institutions.

Mr. Cluff obtained a bachelor of commerce from Mount Allison University and an MBA from St. Mary's University and is a CFA charterholder.

About Home Capital Group Inc.

Home Capital Group is a public company 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.

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