Executive to step down by the end of this year
First National Financial Corporation’s president and chief executive Jason Ellis announced plans to retire by the end of 2026, marking the end of a 22‑year run at Canada’s largest non‑bank mortgage finance company.
Ellis joined First National in 2004 as director of capital markets, shortly after the lender passed $10 billion in mortgages under administration.
He went on to help grow the business into a national platform with more than $165 billion under administration and a leading share of the broker channel.
Over that time, the lender also moved from IPO in 2006 to a go‑private transaction backed by Birch Hill Equity Partners and Brookfield in 2025.
Long-time leader signals an orderly handover
After notifying the board, Ellis agreed to stay in his role while directors conducted a formal search for his successor and to remain on in an advisory capacity once a new CEO was in place.
“After much reflection, I believe this is the right time for me to step away from First National,” Ellis said.
“I joined the Company at a pivotal moment in its early growth, and I have had the privilege of having a front-row seat to the evolution of a truly great Canadian business.”
“Founding shareholders Stephen Smith and Moray Tawse have been, and continue to be, visionary leaders, and I am deeply grateful for the opportunity to have built my career alongside them,” he said.
“Most importantly, I am thankful for the extraordinary team of people at First National—past and present—whose talent, commitment, and entrepreneurial spirit have defined this Company for more than three decades.”
Ellis also stressed his faith in the company’s ownership and partner base. “With the steady hands of Stephen and Moray, our remarkable leadership team, and the resources and energy of our investing partners at Birch Hill and Brookfield, the Company is exceptionally well positioned to maintain its momentum,” he said.
Non-bank lender at the centre of broker channel
First National’s rise tracked the broader ascent of non‑bank lenders in Canada’s broker market over the past two decades, with its mortgages under administration climbing from roughly $40 billion in 2008 to more than $140 billion by 2024.
Chairman Moray Tawse said Ellis made “an enormous contribution” over more than two decades, from early capital markets roles to leading the company through growth and transformation.
“We are confident that the Company’s strong leadership team, established strategy, and long-standing partner relationships position it well for its next chapter,” Tawse said.
For mortgage brokers, the planned, multi‑year transition likely signals stability at a key lender rather than a sudden leadership shock.
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