Accessibility/Mobile Features
Skip Navigation
Skip to Content
Editorial News
Business
Classified Sites

The Canadian Press - ONLINE EDITION

Cash Store Financial announces departures of CEO, CFO and 3 senior VPs

EDMONTON - The Cash Store Financial Services Inc. (TSX: CSF) has announced sweeping changes in its executive offices and the lender of last resort seeks to reorganize under the Companies' Creditors Arrangement Act.

Edmonton-based Cash Store says effective immediately CEO Gordon Reykdal and president and chief operating officer Kevin Paetz are among top executives no longer with the company.

Also gone from the executive offices are Halldor Kristjansson, senior executive vice-president, banking and credit; Barret Reykdal, senior vice-president, retail financial services, and Michael Thompson, senior vice-president, corporate affairs

The company says its has also terminated services agreements with Bill Johnson and Dean Ozanne, two others who have held senior posts.

"Over the course of the next week the chief restructuring officer, William Aziz, will be working with members of the Cash Store Financial management team to implement a revised leadership structure," the company said in a news release.

The Cash Store is being delisted from the Toronto Stock Exchange effective Friday because it has been unable to meet the continued listing requirements of the exchange.

Trading in the stock has been halted since the company was granted creditor protection by the Ontario Superior Court of Justice under CCAA on April 14. It sought court protection to address liquidity issues caused, in part, by regulatory actions taken by the Ontario government.

Despite the delisting and its problems in Ontario, the company remains open for business and its branches continue to operate with daily lending is continuing in all jurisdictions outside of Ontario, the company said last month.

Cash Store Financial operates 506 branches across Canada under the banners Cash Store Financial and Instaloans, while Cash Store Financial also operates 27 branches in the United Kingdom.

Cash Store Financial and Instaloans primarily act as lenders to facilitate short-term advances and provide other financial services to income-earning consumers who may not be able to obtain them from traditional banks. Cash Store Financial also provides private-label debit cards.

  • Rate this Rate This Star Icon
  • This article has not yet been rated.
  • We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high. If you thought it was well written, do the same. If it doesn’t meet your standards, mark it accordingly.

    You can also register and/or login to the site and join the conversation by leaving a comment.

    Rate it yourself by rolling over the stars and clicking when you reach your desired rating. We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high.

Sort by: Newest to Oldest | Oldest to Newest | Most Popular 0 Commentscomment icon

You can comment on most stories on brandonsun.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

There are no comments at the moment. Be the first to post a comment below.

Post Your Commentcomment icon

Comment
  • You have characters left

The Brandon Sun does not necessarily endorse any of the views posted. Comments are moderated before publication. By submitting your comment, you agree to our Terms and Conditions. New to commenting? Check out our Frequently Asked Questions.

letters

Make text: Larger | Smaller

Brandon Sun Business Directory
The First World War at 100
Why Not Minot?
Welcome to Winnipeg

Social Media

Canadian Mortgage Rates