May 5, 2017 by admin

Home Capital says former RBC exec will replace founder on board

TORONTO – Home Capital Group Inc. (TSX:HCG) is adding a former Royal Bank of Canada executive to its board of directors, replacing company founder Gerald Soloway.
The appointment of Alan Hibben to the Home Capital board comes as it grapples with a collection of problems that have shaken confidence in the Toronto-based mortgage lender.
Hibben’s resume includes experience as head of strategy at Royal Bank and managing director of mergers and acquisitions for RBC Capital Markets until his retirement from the bank in 2014.
Since then, Hibben has been an independent financial adviser and a director of several companies. He was appointed last year to the board of trustees for OPTrust, which manage funds for an Ontario public-sector pension plan.
Home Capital announced last week that Soloway would step down from the board of directors once a replacement is found.
Soloway, two other men and the company are fighting allegations of misleading Home Capital’s shareholders through financial statements and conference call comments in 2015. The Ontario Securities Commission has scheduled a June 2 hearing to deal with that matter.