The Financial Services Regulatory Authority of Ontario (FSRA) has installed a new CEO at troubled PACE Credit Union.
The provincial regulator, which took control of PACE for a second time on Nov. 20, has named veteran executive David Finnie to head the firm.
The credit union was first placed into administration in September 2018 due to alleged misconduct and governance failures by its previous leadership.
A new board was installed in January, but after several directors resigned — along with the CEO and chief risk officer — FSRA resumed oversight of the firm’s day-to-day operations last month.
FSRA said it is working with PACE as administrator to “manage litigation” related to the alleged governance failures and misconduct.
According to a release from FSRA, Finnie is “a senior corporate executive with over 20 years’ experience leading large and mid-sized multinationals and Fortune 100 companies in the building and optimization of their financial, capital and risk management strategies and capabilities.”
“We are pleased that David has taken on this role to provide strong leadership to PACE,” said Mark White, CEO of FSRA, in the release.
“We look forward to working with David and the rest of the PACE management team as they continue to meet the financial needs of the PACE community,” he said.