RF Capital Appoints New Chief Financial Officer and Announces Senior Management Changes
TORONTO, Jan. 25, 2021 /CNW/ - RF Capital Group Inc. ("RF Capital" or the "Company") (TSX: RCG) today announced the appointment of Tim Wilson as Chief Financial Officer ("CFO") following a comprehensive internal and external search process. Mr. Wilson will join the Company effective April 5, 2021.
"We are thrilled to welcome a person of Tim's calibre to our leadership team" said, Kish Kapoor, President and Chief Executive Officer of RF Capital. "He possesses a profound understanding of organizational transformation and has considerable experience in building a world class financial organization. His proven track record of delivering profitable growth and improving operational performance is especially relevant to our business today and as we chart the path to future success."
Mr. Wilson spent the last nine years as Chief Financial Officer of Equitable Bank. During his tenure at the company, he also had accountability for the legal, corporate development, investor relations and technology teams. Mr. Wilson helped Equitable Bank to achieve the highest growth rate of any publicly traded Canadian bank by effectively supporting its challenger bank mission. Over his time with the company, revenue grew by 13% annually to $1.2 billion and earnings by 17% annually to over $200 million. Prior to Equitable Bank, Mr. Wilson was President of Visa Canada, leading the transformation and streamlining of their Canadian operations. Before joining Visa, he was Vice President of Finance in the retail banking division of a large Canadian bank and a management consultant at Monitor Group.
Mr. Wilson has an MBA from Harvard University, a Bachelor of Commerce from Queen's University and is a Chartered Professional Accountant.
Senior Management Changes
With Mr. Wilson's appointment, Benjamin Scholten, Interim CFO of RF Capital and CEO of RF Securities Clearing (the Company's carrying broker business), will begin to transition the finance role to Mr. Wilson over the next two months. Working collaboratively with the leadership team at Richardson Wealth, Ben will continue to focus his efforts on identifying benefits, synergies and other opportunities to combine the Company's carrying broker operations with Richardson Wealth.
The Company also announced that Elliot Muchnik, Richardson Wealth's CFO, after 14 years at the firm, has decided to leave the firm at the end of March 2021. Mr. Muchnik played a critical role in the development of Richardson Wealth including guiding the firm through the mergers of GMP Private Client and Richardson Partners Financial, the acquisition of Macquarie Private Wealth, and most recently, the completion of the RGMP Transaction.
Commenting further, Kish Kapoor said: "I would like to thank Ben for assuming financial leadership in an interim period of significant uncertainty for the Company. He successfully guided the Company through the consolidation of the ownership of Richardson Wealth, assumed leadership of RF Securities Clearing, and was critical in supporting the firm through the global pandemic. Both Andrew Marsh, CEO, Richardson Wealth, and I would also like to thank Elliot for his leadership, commitment and contributions to the success of Richardson Wealth. Elliot is a well-respected senior executive, mentor and colleague and a valued member of the Richardson Wealth leadership team. We wish Elliot all the best in the next chapter of his professional life."
ABOUT RF CAPITAL GROUP INC.
RF Capital Group Inc. (RF Capital) currently operates through two business segments: Wealth Management and Operations Clearing; and a Corporate segment. Wealth Management consists of RF Capital's wholly owned subsidiary Richardson Wealth. Richardson Wealth is one of the largest independent wealth management firms in Canada with $30.3 billion in assets under administration (as at December 31, 2020) and 19 offices across the country. The firm's growing roster of Advisor teams (162 as at December 31, 2020) focus exclusively on providing strategic wealth advice and innovative investment solutions customized for each high net worth or ultra-high net worth client family, entrepreneur or business owner. Operations Clearing, through RF Securities Clearing LP (formerly GMP Securities L.P.), provides carrying broker services to Richardson Wealth and other third parties, including trade execution, clearing, settlement, custody, and certain other middle- and back-office services, and other expenses associated with providing such services. RF Capital is listed on the Toronto Stock Exchange under the symbol "RCG". For further information, please visit our corporate website at www.rfcapgroup.com.
SOURCE RF Capital Group Inc.
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