Home Capital Group Inc. is continuing to rebuild its executive ranks with the hiring of a new chief financial officer (CFO) who has extensive experience in Canada’s financial services sector.
The Toronto-based company announced on Tuesday that Brad Kotush, a former CFO at Canaccord Genuity Group Inc., will join the alternative mortgage company as of Sept. 1.
Kotush joined a predecessor firm of Canaccord Genuity Group Inc. in 1996 and became its CFO in 2006, a position he held until he left in February. His resignation from Canaccord Genuity was announced last November.
At Home Capital, an alternative mortgage lender that has been through a tumultuous year, the role of CFO has been filled on an interim basis since former CFO Robert Morton was reassigned last April.
Morton was one of three senior executives to be reprimanded by the Ontario Securities Commission this month after they reached a “highly negotiated settlement” that included $11 million of payments by the company and three former executives to a $29.5 million fund for shareholders covered by a related class-action lawsuit.
Besides the financial penalties, the OSC barred retired Home Capital CEO Gerald Soloway, his immediate successor Martin Reid and Morton from being an officer or director of a public company for specified periods.
Yousry Bissada, a veteran of Canada’s mortgage industry, who became the company’s CEO earlier this month, announced the appointment of Kotush to Home Capital’s senior management team.
Prior to that, Home Capital got a vote of confidence from famed American billionaire Warren Buffett, whose Berkshire Hathaway is investing in the company and providing much-needed funding.
Photo copyright: Home Capital Group Inc.