It was announced that Martin Reid has now been terminated as the president and CEO of Home Capital Group Inc. The move is of immediate effect and includes the exclusion of Mr. Reid from the board of directors and permanently removed from the company’s subsidiaries, which includes Home Trust.
The chairman of the board of directors, Kevin P.D. Smith said in a statement; “Home Capital requires leadership that can bring to bear a renewed operational discipline, emphasis on risk management and controls, and focus on improving performance.”
The termination of Martin Reid as CEO came in light of the enforcement notice received by the company from the Ontario Securities Commission which had to do with the exposure of a loan application that was forged.
Smith added; “Our goal is to identify the right leader for the Company as soon as possible. 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.”
For the meantime, Bonita J. who was a member of the board of directors for Home Capital will service as an interim leader till the company can find someone capable enough to fit the position of the company’s CEO.