Toronto-based HomeEquity Bank (HEB), Canada's leading reverse mortgage lender, announced that Katherine Dudchuk will take over as CEO following the retirement of her predecessor, Stephen Ranson.
Ranson announced earlier this year that he would step down, effective June 30. Datszak had been preparing to take over as CEO since May and took over the role the following day.
“Katherine's extensive experience across the financial services industry and her experience developing high-performing teams ensures she is well positioned to positively impact the bank's customers into the future,” Daniel Jauernig, chairman of HomeEquity Bank's board of directors, said in a statement.
HomeEquity Bank is a leader in Canada's reverse mortgage market, overseeing a fast-growing sector that includes competitors such as Equitable Bank and BloomFinance Corp.
Ranson played a key role in growing the company's market share and communicating the potential of its products. In 2021, he co-authored the book “Home Run: The Reverse Mortgage Advantage” with fellow company executive Yvonne Ziomecchi, and oversaw milestone achievements, including surpassing C$1 billion in loan volume in 2022.
He joined HEB in 1997 as its Chief Financial Officer and has worked there for a total of 27 years.
Datushcak is described as a highly experienced senior executive who left his role as executive vice-president of regional banking at Royal Bank of Canada (RBC) in preparation for taking on the CEO role at HEB.
“The economic and social climate means more Canadians than ever are aging with debt, limited cash savings and declining pensions,” Dudchuk said. “They see the assets and savings they've built in their beloved homes as a path to continued independence and dignity.”
“With those aged 55 and over now the largest demographic in Canada, HomeEquity Bank is committed to understanding and serving the diverse needs of this vibrant and dynamic demographic.”