Leadership transition solidifies MCAN’s strategy amid a challenging rate environment
MCAN Mortgage Corporation has officially appointed Derek Sutherland (pictured) as its president and chief executive officer, effective April 1.
Sutherland, who has been serving as interim CEO for the past four months, steps into the role permanently following his tenure as chair of the board since 2020. With his appointment, Sutherland will relinquish his position as board chair, and Gaelen Morphet, the board’s lead director, will assume the role to ensure independent governance.
Sutherland has a long history with MCAN, having served on its board since 2017 and previously holding leadership roles such as interim CEO in 2023 and chief risk officer from 2013 to 2016. A CPA and chartered director (ICD.D), he brings significant expertise in finance, risk management, and corporate governance.
"I am delighted to see Derek move into the role of president and CEO," Morphet said in a Press release. "For over two decades, Derek has played increasingly important strategic roles within our organization and, at every stage, has made meaningful contributions to value creation. His exemplary leadership as interim CEO, his knowledge of the business, his command of our growth strategy, and the respect he has earned from our customers, our partners and his colleagues all confirm he is the right choice to lead MCAN."
His appointment comes as MCAN, Canada’s largest mortgage investment corporation, reports steady financial performance despite a challenging economic landscape.
The company closed out 2024 with a net income of $77.6 million, reflecting a slight improvement from the previous year, though earnings per share dipped to $2.06 from $2.22 in 2023.
Sutherland emphasized his commitment to driving growth and shareholder value in his new role.
“Our results for the year were solid. We performed within our long-term targets despite a challenging interest rate environment. Our investment in MCAP remains a key driver of our success,” Sutherland said in February.
Read more: MCAN Mortgage reports steady gains despite challenging 2024
The firm credits its stability to increased income from its investment in MCAP, growth in securitized mortgage spread income, and reduced short-term interest expenses, though rising operating costs and fair value losses in its securities portfolio offset some of these gains.
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