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Jul 6, 2017

Home Capital creates new executive role to focus on strategy

Home Capital Group's headquarters in Toronto

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TORONTO -- Home Capital Group (HCG.TO) says it has created a new executive role focused on strategic opportunities, as it strives to reverse its fortunes.

The Toronto-based alternative lender says Greg Parker will helm the newly established position of executive vice-president of strategy.

Home Capital says Parker will focus on identifying and evaluating options to further develop the company's business and strengthen prospects for long-term growth.

David Cluff, currently chief credit officer, replaces Parker as executive vice-president of enterprise risk management and chief risk officer.

Last week, Home Capital said it had narrowed down potential CEO candidates to a short list and was weeks away from making an announcement.

The management shuffle is part of the company's efforts to restore market confidence following allegations from the Ontario Securities Commission that it misled investors in its handling of a scandal surrounding falsified loan applications. The company has since settled the OSC case.