Newspaper article The Canadian Press

Toronto-Based Mortgage Lending Firm Home Capital Fires CEO Martin Reid

Newspaper article The Canadian Press

Toronto-Based Mortgage Lending Firm Home Capital Fires CEO Martin Reid

Article excerpt

Home Capital fires CEO Martin Reid

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TORONTO - Home Capital Group Inc. (TSX: HCG) has terminated its president and CEO Martin K. Reid, effective immediately.

The Toronto-based mortgage lender made the announcement after markets closed Monday.

"Home Capital requires leadership that can bring to bear a renewed operational discipline, emphasis on risk management and controls, and focus on improving performance," Kevin P.D. Smith, chair of Home Capital's board of directors, said in a statement.

Reid, who had been appointed CEO just over a year ago, declined to comment on his termination.

The announcement comes as Home Capital finds itself confronting declining stock value and earnings as well as scrutiny from Ontario's securities regulator. …

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