Michael Johnstone has assumed the role of chairman of the board of directors at Canadian mortgage technology vendor Basis100 following the resignation of company co-founder Gary Bartholomew as chairman and president.
In a statement, Basis100 says Bartholomew left the firm to pursue other interests.
Bartholomew's resignation comes three weeks after the troubled firm reported a net loss from continuing operations for the first three months of 2003 of C$2.5 million following a sustained period of asset sales.
Johnston joined the Basis100 board of directors in 2001. Most recently, he was chairman, president and CEO at Merrill Lynch Credit Corporation (MLCC), which serves the mortgage and investment markets. The vendor says Johnston will lead its US expansion strategy.
Additionally, Stuart McFarland was elected to the Basis100 board of directors by the company's shareholders. McFarland is a managing partner at Federal City Capital Advisors, a Washington-based strategic advisory and corporate financial services firm.
He has also served as president and chief executive of Pedestal, chief financial officer, Fannie Mae and officer, GE Capital.