MCAN Financial Group Announces Incoming President and CEO

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[{"type":"text","content":"\n \n \n \n MCAN Financial Group Announces Incoming President and CEO\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n Karen Weaver Recognized for Outstanding Achievements\n \n \n \n \n TORONTO\n \n \n ,\n \n \n June 1, 2023\n \n \n /CNW/ - MCAN Mortgage Corporation (d/b/a MCAN Financial Group) (\"MCAN\") announced today that after a comprehensive search by the Board of Directors,\n \n Don Coulter\n \n will assume the President and CEO role and join the Board of Directors on\n \n December 1, 2023\n \n , as part of the planned leadership change.\n \n \n \n \n \n \n \n \n \n With the CEO succession resolved,\n \n Karen Weaver\n \n has chosen to step down as President and CEO and as a Director of the Board effective immediately. She will remain as a consultant through the end of 2023 to support an orderly transition in leadership.  Board Chair\n \n Derek Sutherland\n \n will assume the interim CEO role until\n \n December 1\n \n \n st\n \n , 2023. The Board has appointed\n \n John Coke\n \n as Lead Director to ensure independent governance at the Board during\n \n Derek Sutherland's\n \n tenure as Interim CEO.\n \n \n Karen, and the highly focussed team at MCAN, have done a tremendous job over the past four and half years. Under her leadership, MCAN established an award-winning residential mortgage origination platform with annual originations growing from\n \n $225 million\n \n in 2018 to over\n \n $1 billion\n \n during her tenure. The overall residential and construction mortgage portfolio grew 110% to\n \n $1.9B\n \n . Importantly, MCAN's culture has become a strength and it is certified as a Great Place to Work™ and is an employee destination.\n \n \n Additionally, over Karen's tenure as leader of MCAN's team total asset growth was 95% to\n \n $4.1 billion\n \n and net income grew by of 53% to\n \n $55.4 million\n \n with an average ROE of 14.39% over the four-year period ending in 2022. Also, MCAN matured its capital markets program and successfully raised over\n \n $90 million\n \n in common equity through three ov...

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