Interim CFO appointed as search launches for permanent replacement
MCAN Mortgage has announced the departure of its senior vice president and chief financial officer, Floriana Cipollone (pictured).
The Toronto-based mortgage investment corporation (MIC) confirmed that Cipollone is leaving to pursue other opportunities. MCAN has commenced an executive search process to identify potential internal and external candidates to fill the CFO position permanently in the coming months.
In the interim period, the company has appointed Peter Ryan as interim chief financial officer. Ryan is a seasoned finance executive with over 15 years of industry experience, including more than four years at MCAN. He most recently served as vice president and controller after previously holding the role of director of financial reporting and accounting.
"On behalf of the board of directors, I would like to thank Floriana for her years of dedication and many contributions to the Company and wish her continued success in her future endeavours," MCAN president and chief executive officer Don Coulter said in a press release.
MCAN, doing business as MCAN Financial Group and the largest MIC in Canada, focuses on investing in a diversified portfolio of Canadian mortgages across residential, construction and commercial assets.
The company recently closed an overnight marketed offering of 1.87 million common shares priced at $15.40 each, raising total gross proceeds of $28.8 million, including the over-allotment option.
Read next: MCAN Mortgage raises millions - eyes expansion
"We are very pleased with the success of this offering," Coulter said. "We were able to upsize the deal and receive full exercise of the over-allotment option. These proceeds will allow MCAN to continue growing its business as we have consistently done over many years."
MCAN said it plans to deploy the net proceeds toward expanding its residential mortgage origination and construction lending activities.
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