Monday, September 24, 2018Canada's Leading Online Business Magazine

Wekerle Steps Down From CEO Post

Michael Wekerle

CBJ – Michael Wekerle, known to many television viewers as a panelist on CBC’s Dragons’ Den, is stepping down as CEO of Difference Capital Financial.

Henry Kneis, a former hedge fund manager, has taken over as chief executive.  He is a former hedge fund manager who has been with Difference Capital since its founding in May, 2012 in the role of chief financial officer.

Wekerle personally invested $65-million of his family’s money into the firm and was made CEO in the summer of 2014, after a management shakeup. However, the change-out hasn’t resulted in any improvement, with shares having lost more than 70% of their value since inception. In its most recent quarter, Difference recorded a profit after a series of consecutive quarterly losses.  The company has some technology investments that it hopes will result in success when they are taken public.

Wekerle was head of trading at First Marathon from 1982 to 1994 before co-founding GMP Securities, where he served as vice-chairman until 2011.

@CanBizJournal

Recommended
Town of Orangevilletrade deficit