Toronto-headquartered First Source Mortgage Corporation announced the retirement of co-founder and CEO David Mandel after 18 years of corporate leadership.
In a press statement, the company said Mandel’s leadership grew First Source’s assets under management from inception to over $460 million as of the end of 2024 while providing an 18-year annual average return to investors of 9.8%. Mandel is also credited with overseeing the funding of 291 commercial loans totaling over $1.4 billion.
“I am incredibly proud of what we have built together at First Source and thankful for the remarkably competent team behind our success,” said Mandel. “After careful consideration, I feel this is the right time for me to step away and allow the next generation of leadership to take the Company to even greater heights. It has been an honor to lead such a talented and dedicated team, and I look forward to seeing all the future success the company will undoubtedly achieve.”
Mandel will remain as an active member of the board of directors. Leonard Zaidener, the company’s president, has been given expanded responsibilities following Mandel’s retirement.
