Home Capital makes another board change

Home Capital announced another change to its board of directors on Thursday, revealing that John Marsh, one of its original investors, is stepping down.

Joining the company's board isJames Lisson, a lawyer who has been a partner at several large law firms and has worked asa consultant and senior advisor on commercial law at the federal Department of Justice.

Home Capital said Lissonhas experience in financial services law, operational issues, governance, stakeholder relations, and risk and reputation management.

A board member for 25 years, the departingMarshis part owner of the Peace Bridge Duty Free, and has owned and operated companies involved with engineering and energy.

The change is the latest this month to Home Capital's board as the company grapples with an Ontario Securities action against it and some former executives, and heavy client withdrawals from the savings accounts at the mortgage lender.

• Home Capital says deposits stabilize after heavy withdrawals

In recent weeks, the company has added former Royal Bank of Canada executiveAlan Hibbento its board to replace company founderGerald Soloway, who retired on May 5. Soloway is one of the individuals named in the OSC's action.

Three days after that, the company added a trio of newpeople to its board, including:

• Claude Lamoureux, former chief executive officer of the Ontario Teachers' Pension Plan and a co-founder of the Canadian Coalition for Good Governance.
• Paul Haggis, former CEO of Ontario Municipal Employees Retirement System and former CEO of Alberta Treasury Branches.
• Sharon Sallows, an experienced director.

The company also said on May 8 thatBrenda Eprile, anindependent director since 2016, became chair of the board, replacing Kevin Smith, who is still an independent director.

Deposits rise

In an update Thursday on its financial situation, Home Capital said high interest savings account (HISA) deposit balances at its Home Trust unit stood at approximately $120.2 million as of the end of Wednesday. That marked the first time in weeks that the balance had gone up. The balance stood at$116.8million on Tuesday.

OnMay 1,the balance of the company's high-interest savingsaccounts stood at $324.1million. Back in late March, the company's balance of those accounts stood at about $2 billion.

The company uses the money from its deposits to fund its mortgage lending.