Non-prime lender Goeasy Ltd. GSY-T says its CEO Jason Mullins will step down from the role at the end of the year.
The alternative lender says Mullins, who has been at the company for 14 years, will stay on as a director and will also help in the search for his successor.
The transition comes as demand for alternative lending has climbed, with consumers strained by both elevated inflation and interest rates.
Goeasy said in May it had a record volume of credit applications, up 41 per cent from a year earlier, while loan originations climbed 12 per cent to $686-million.
The company’s share price was trading at over $200 earlier this week, up from around $40 when Mullins became CEO in early 2019.
Shares were trading down $16.95, or 8.3 per cent, at $188.05 as of mid-morning Thursday on the Toronto Stock Exchange after Mullins’ departure was announced.