Saskatoon-based PrimeWest Mortgage Investment Corporation has announced that Brad Penno is its new chief executive officer, effective Aug. 22.

He was previously with Royal Trust Corporation as commercial mortgage manager; mortgage specialist at RBC; and commercial mortgage associate at Sherwood Mortgage Group.

Tom Archibald and Doug Frondall, co-presidents and co-CEOs, have stepped down from their interim positions and Penno’s initial contract will run for 6 months before a period of evaluation which could lead to a longer-term arrangement.

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