Tom Hockin is retiring as chairman of Pacific Western Credit Corp. and its subsidiary, Pacific & Western Bank of Canada, the company said Monday.

Scott Ritchie will assume the position as chairman of both companies, PWC said.

Hockin is stepping down due his appointment as an executive director of the International Monetary Fund.

“This appointment prohibits any corporate directorship while serving as executive director,” Hockin stated.

“I am delighted that Scott Ritchie, vice chair, will assume the chairmanship of PWC and the bank at this time. Mr. Ritchie is a widely respected and admired corporate director and lawyer with years of service on the PWC and PWB boards,” Hockin added.

Ritchie has been on the board of PWC since January, 2002 and the board of the bank since December 2003, and currently holds the position of vice chair of both boards.

Duggan named senior vice president, lending

Separately, PWC announced the appointment of Ross Duggan to the position of senior vice president, lending, at PWC Bank.

Duggan joined the bank in May, 2001 as vice president, real estate lending. Prior to joining the bank, Duggan held various positions with other Canadian banks where he focused on commercial and corporate financing. He Duggan has over 35 years of lending experience.

IE