Xceed Mortgage Corp., a non-traditional mortgage lender, today announced that Robert Krembil has resigned as a director of the company.

“Mr. Krembil has been a strong supporter of our business model and our management team for many years and has provided outstanding advice to the board and the company. He was an early investor in Xceed before it became a public company in June 2004. At the time of our IPO in June 2004, he committed to serving as a director for 18 months while Xceed established itself as a publicly owned company. That period of time has lapsed and Xceed has been able to prove itself as a public company. In keeping with his original timeline, Robert has informed us that he now wishes to step down as a director,” said Ivan Wahl, chairman and CEO, in a release.

“I continue to have the highest regard for Ivan Wahl and his management team. The board of directors is strong. The company is in good hands,” said Krembil.

Xceed is one of a new breed of rapidly growing alternative residential mortgage lenders in Canada. Its borrowers range from those who have solid credit and income histories but have not managed to save a down payment, to those who have gone through periods with limited and specific credit difficulties but have since recovered and repaired their credit.