MORTGAGE COMPANY OF CANADA WELCOMES RICHARD SENECHAL TO BOARD OF DIRECTORS
Daniel Drimmer Continues Affiliation with Mortgage Company of Canada as Special Advisor to the Board
Toronto, September 19, 2016 – Mortgage Company of Canada Inc. today announced that Richard Senechal has joined the Company’s Board of Directors, effective September 9, 2016. Richard replaces Daniel Drimmer, who is transitioning as a Special Advisor to the Board.
Richard Senechal was President and Chief Executive Officer of DUCA Financial Services Credit Union from 2012 to 2016. As CEO, Richard guided the credit union through leadership change, developing and implementing a strategy to reposition and rebrand DUCA to meet the opportunity and challenges presented by new disruptive technologies, rising regulations, and changing consumer dynamics. Richard’s changes resulted in higher asset growth, significant innovation, improved governance tools, enhanced risk management and higher productivity. Under his leadership, DUCA was the fastest growing Credit Union in Canada, doubling assets in less than four years.
“We are excited that Richard has agreed to join Mortgage Company of Canada’s Board of Directors,” said Raj Babber, Chairman, Chief Executive Officer and President of Mortgage Company of Canada. “His deep familiarity with the Canadian mortgage market means that, in addition to the high-level corporate oversight he provides, Mortgage Company of Canada is also getting relevant sector expertise at the board level. We look forward to Richard’s contributions to Mortgage Company of Canada.”
“We are very pleased that Daniel Drimmer will take on a new role as Special Advisor to the Board,” added Mr. Babber. “We thank Daniel for his significant contributions as a director and look forward to continuing to benefit from his counsel.”
About Mortgage Company of Canada Inc.
Mortgage Company of Canada is a Toronto-based mortgage investment company that primarily invests in single family residential mortgages in the Greater Toronto Area. Mortgage Company of Canada’s objective is to target a minimum annual yield of 9.0% by providing its shareholders with stable monthly dividends while preserving shareholders’ capital by lending within conservative risk parameters.
Mortgage Company of Canada Inc. is a Mortgage Investment Corporation as defined in the Income Tax Act (Canada). For further information on Mortgage Company of Canada, please visit www.mcoci.com
This press release may contain “forward looking information” that is based on expectations, estimates and projections as of the date hereof. Such information involves risks and other factors that may cause actual results to be materially different.
For more information please contact:
Chairman, Chief Executive Officer & President
Mortgage Company of Canada
(866) 318-7222 ext. 222