Home Capital's Founder to Step Down After Securities Probe
- Director Blowes takes on role of interim CFO until CEO hired
- Chairman calls move an important step in rebuilding confidence
Short Seller Says Home Capital Needs to 'Clean House'
This article is for subscribers only.
Home Capital Group Inc. said Gerald Soloway will step down from the board 31 years after founding the alternative mortgage lender, following last week’s allegations by Ontario’s securities regulator that the firm misled investors and broke securities laws.
Soloway, 78, will depart when a replacement with "recognized financial expertise" is named, the Toronto-based company said in a statement on Monday. Director Robert Blowes will be interim chief financial officer after first-quarter results are filed -- expected May 3 -- and former CFO Robert Morton will take on responsibility for special projects outside the financial reporting group.