Stock market symbol
TSX: MKP
TORONTO, March 17, 2025 – MCAN Mortgage Corporation, also known as MCAN Financial (“MCAN” or the “Company“), revealed today the appointment of Derek Sutherland as the Company’s President and CEO, effective April 1, 2025.
Sutherland has been serving as the Interim CEO of the Company for the last four months and has held the position of Chair of the Board of Directors (the “Board”) since 2020. Upon his official appointment, Sutherland will resign from his role as Chair of the Board. Gaelen Morphet, the Lead Director of the Board, will then take over as Chair, ensuring the Board maintains independent governance.
Morphet stated, “I am thrilled to see Derek take on the role of President and CEO. Derek has held progressively important strategic positions within our organization for more than two decades, consistently making substantial contributions to value creation. His outstanding leadership as Interim CEO, his understanding of the business, his grasp of our growth strategy, and the respect he has garnered from our customers, partners, and colleagues all demonstrate that he is the ideal choice to lead MCAN.”
Sutherland commented, “I am grateful for the Board’s confidence in me. I am dedicated to leading MCAN with resilience, vision, and enthusiasm to foster sustainable growth and returns for our shareholders. I am eager to collaborate with our talented and committed team to build upon our achievements and strive for excellence in everything we do.”
Sutherland has a proven history of success within MCAN. As Interim CEO, Sutherland has overseen the Company’s operations in close collaboration with MCAN’s senior leadership team. Sutherland has been a member of the Company’s Board since 2017 and its Chair since 2020. In addition to his recent role as Interim CEO, he has held various leadership positions within the Company, including Interim CEO in 2023 and Chief Risk Officer from 2013 to 2016. Sutherland is a CPA, CA, and a Corporate Director (ICD.D), bringing significant expertise in finance, risk management, and governance to MCAN.
About MCAN Financial Group
MCAN Mortgage Corporation, operating as MCAN Financial Group, is a publicly traded company on the Toronto Stock Exchange under the symbol MKP. It is a reporting issuer in all Canadian provinces and territories. MCAN also meets the requirements to be a Mortgage Investment Corporation (“MIC”) as defined by the Income Tax Act (Canada). MCAN is the largest MIC in Canada and the only federally regulated MIC offering term deposits eligible for deposit insurance from the Canada Deposit Insurance Corporation.
MCAN’s main goal is to produce a consistent income stream by investing in a diverse portfolio of Canadian mortgages. This includes residential mortgages, residential construction, non-residential construction, and commercial loans, along with other types of securities, loans, and real estate investments. MCAN is Investing in Communities and Homes for Canadians.
A Caution About Forward-looking Information and Statements
This press release includes “forward-looking information” as defined by applicable securities laws. Forward-looking information can be identified by terms such as “expect,” “intend,” “plan,” “seek,” “believe,” “estimate,” “future,” “likely,” “may,” “should,” “will,” and similar predictive language. The future outlook for MCAN is considered forward-looking information. The forward-looking information in this release is based on several assumptions that we believe are reasonable, including assumptions about the investment opportunities available to MCAN in its primary business. Forward-looking information involves various risks and uncertainties that could cause actual results to differ significantly from those expressed or implied in such information. Risks that could cause these differences include, but are not limited to, general risks related to capital markets, economic conditions, regulatory changes, and our business operations. These factors may cause actual results to deviate materially from those anticipated in the forward-looking information. Forward-looking information is not a guarantee of future performance, and the assumptions made by management may not be accurate. Investors should not rely too heavily on this forward-looking information. The Company is not obligated to update or revise any forward-looking information in this release, whether due to new information, future events, or other factors, except as required by law.
SOURCE MCAN Mortgage Corporation
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