Mortgage lender Home Capital Group has announced that it is bringing in an insurance industry veteran to serve as its new CEO.
Yousry Bissada was chosen to lead the mortgage lender; he was previously associated with online insurance service company Kanetix. Bissada officially assumes his CEO role at Home Capital on August 03.
Home Capital Group terminated its previous CEO, Martin Reid, in late March. It came to the decision after the company was criticized by securities regulators for failing to disclose that several mortgage brokers associated with its network were filing falsified documents. Board member Bonita Then served as Home Capital’s interim CEO.
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Bissada will spend his early days selecting a chief financial officer and evaluating the company business, The Globe and Mail reported. He plans to “just to go in and build a great culture, a culture that is a pillar to Home,” in which “every employee is an ambassador to customers,” he said in an interview.
He possesses extensive industry experience, having previously worked for the former FirstLine Trust Co. in the 1980s. He then served a number of senior roles in the mortgage divisions of Canadian Imperial Bank of Commerce and Toronto-Dominion Bank. Bissada later became the CEO of software provider Filogix, which helped connect mortgage lenders and brokers and manage underwriting and compliance.
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