Veteran director resigns from Home Capital ahead of key earnings call

Canada's housing market has been red-hot in recent years, but there are increasing concerns about overvaluation as the country faces a potential recession.

Home Capital Group Inc. announced Monday night that senior corporate lawyer?James Baillie is resigning from its board of directors in front of a closely watched earnings refer to this as week.

Baillie, an old chairman of the Ontario Securities Commission, joined the board in February 2012. He also serves as?senior counsel at law practice Torys LLP.

Home Capital, which is one of the largest alternative mortgage brokers in Canada, said in a statement that Baillie informed the board he wished to resign several months ago, but postponed his retirement until a brand new director was found to replace him. The statement said his resignation was for “a variety of personal reasons.”

“On behalf of the Board, we wish to thank Mr. Baillie for his services as a Director of Home Capital and Home Trust,” said Kevin Smith, chairman of Home Capital. “Jim has contributed greatly towards the governance of both organizations and his wisdom will be missed. We wish him well in his retirement.”

Home Capital, which operates through its brand Home Trust, has seen some recent high profile changes in the senior level. In November, chief financial officer and executive vice-president Robert Blowes announced he was retiring at the end of 2014. In January, chief risk officer David Novak stepped down. More recently, Marissa Lauder, who headed Home Capital’s risk teams, left the company.