Home Capital founder Gerald Soloway resigned, replaced by Alan Hibben

Home Capital Group Inc. (TSX: HCG) has appointed Alan Hibben, CPA, CFA, ICD.D., to the board of directors, replacing Gerald Soloway, founder of the company, who had previously announced his pending retirement.

Hibben will be appointed to the board effective today and will stand for election at Home Capital’s upcoming Annual Meeting, which will be held next month in Toronto. Soloway will resign from the board effective today and not stand for re-election.

“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.”

“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,” added Smith.

“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,” said Hibben.

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. He was also CEO, RBC Capital Partners, the private equity investment arm of RBC Financial Group. Prior to RBC, Hibben worked in senior roles at North American Trust Company, including serving as President from 1991 to 1993.

Hibben currently provides financing and strategic advice and expert witness services through his advisory and investment company, Shakerhill Partners Ltd. Since December 2014, Hibben 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. Hibben was appointed to OpTrust board of trustees in June 2016 by the Government of Ontario.

Hibben is a director of HudBay Minerals Inc. (TSX/NYSE: HBM), Extendicare Inc. (TSX: EXE) and the Mount Sinai Hospital Foundation.

Hibben holds a B.Com. degree 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.