Mortgage lender Home Capital has terminated the employment of its president and chief executive Martin K. Reid.

In an announcement, the firm says that the move is immediate and includes the removal of Mr Reid from its board of directors and that of its subsidiaries including Home Trust.

Bonita J. Then has been named interim president and CEO while a search begins to hire a permanent replacement.

“Home Capital requires leadership that can bring to bear a renewed operational discipline, emphasis on risk management and controls, and focus on improving performance,” said Kevin P.D. Smith, Chair of the Board of Directors.

He added “Our goal is to identify the right leader for the Company as soon as possible. In the meantime, we will continue to execute on our strategy under the supervision of Bonita Then, a longtime director who is an experienced executive in her own right, and the rest of our experienced management team.”

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