Home Capital Group Inc. has announced that Gerald Soloway, the long-time head of the Toronto-based alternative mortgage lender, will be stepping down from the CEO role at the company’s upcoming annual meeting (AGM).
The firm has appointed Martin Reid, who is currently president of Home Capital, and its operating subsidiary, Home Trust Co., to succeed Soloway when he retires after almost 30 years on the job at its AGM on May 11. After the succession takes effect, Reid will become president and CEO of Home Capital, Home Trust and CFF Bank while Soloway will remain a director of all three firms.
Soloway was part of Home Capital’s original group of founders when the firm was launched in 1986, and he became president and CEO in 1987. Reid, 56, joined Home Trust as treasurer in 2007 and became president in 2010.
“I know that the company is in great hands, and I am very confident in their ability to take Home Capital to new heights under the leadership of Martin Reid,” Soloway says in a statement.