goeasy Overhauls Board to Tackle Performance Woes, Wins Key Endorsement

MISSISSAUGA, ON – April 27, 2026 – In a decisive move to address recent financial headwinds and restore investor confidence, Canadian non-prime lender goeasy Ltd. (TSX: GSY) has announced a significant board refresh and a new strategic action plan ahead of its Annual General and Special Meeting on May 20, 2026. The company is nominating two new directors and intends to appoint a third, signaling a clear shift in governance and oversight as it navigates a period of operational turbulence.

In a major boost for the company's strategy, Institutional Shareholder Services Inc. (ISS), a leading independent proxy advisory firm, has recommended that shareholders vote in favor of all resolutions, including the new slate of directors. The announcement comes as goeasy mails its Management Information Circular to shareholders, outlining the agenda for the virtual-only meeting where the company's future direction will be put to a vote.

A Response to Mounting Pressure

The board overhaul is not happening in a vacuum. The press release explicitly acknowledges "recent performance challenges," and a review of the company's recent history reveals a period of significant pressure. This strategic pivot follows a series of events in late 2025 and early 2026 that have tested the company and its investors.

Most notably, goeasy withdrew its fourth-quarter 2025 and three-year financial forecasts in March 2026, a move that followed a revision of its 2025 and 2026 earnings guidance just a month prior. Such actions typically signal a high degree of uncertainty in a company's financial outlook. Concurrently, the company reported on net charge-offs and goodwill impairment, pointing to potential strains in its loan portfolio and asset quality—a critical metric for any lender, especially one operating in the non-prime sector.

This period of financial re-evaluation coincided with a leadership transition, as former CEO Dan Rees stepped down at the end of 2025, with Patrick Ens, then President of the company's easyfinancial division, taking the helm. Adding to the pressure, a class-action lawsuit was filed against goeasy and its auditor, Ernst & Young LLP, in March, placing the company under increased legal and financial scrutiny. These combined challenges have created a clear impetus for the decisive actions now being taken by the board and new leadership team to stabilize the business and chart a new course.

New Leadership for a New Direction

Central to goeasy's turnaround strategy is the infusion of new expertise at the board level. The company is nominating two new directors for election at the upcoming meeting: Jacqueline Moss and the company's new CEO, Patrick Ens. Furthermore, it has announced its intention to appoint a third new director, Diane Sinhuber, following the meeting. These appointments are paired with the departure of two current directors, David Appel and Jason Mullins, who will not be standing for re-election, marking a substantial refresh of the company's governing body.

Each new member brings a skill set that appears tailor-made to address goeasy's recent challenges:

• Jacqueline Moss is a seasoned executive with a deep background in law, corporate governance, strategy, and human resources from her senior roles at CIBC. Her extensive board experience, including at Minto Apartment REIT and Artis REIT, positions her to guide the company's focus on strengthening governance practices and navigating the complex legal and regulatory landscape of consumer lending.

• Patrick Ens, as the current CEO, will provide the board with a direct management perspective on operational execution and risk oversight. His 17-year tenure at Capital One Canada, culminating in his role as President, gives him extensive experience in consumer credit, data-driven underwriting, and serving the very customer base that is core to goeasy's business model.

• Diane Sinhuber, the intended appointee, brings a formidable background in finance and audit. A retired Deputy Chief Auditor at TD Bank Group and a former 20-year Assurance Partner in Financial Services at EY Canada, her expertise in risk, controls, and financial oversight will be invaluable. Her current role on the Ontario Pension Board and past directorship at First National Financial underscores her deep experience in the financial services industry.

These appointments collectively signal a strategic effort to bolster the board's capabilities in the critical areas of governance, risk management, legal compliance, and financial audit—precisely the areas under the microscope given the company's recent difficulties.

The Six-Point Plan and the Path Forward

Beyond the leadership changes, goeasy's management and board are executing a "six-point action plan" designed to drive the company's recovery. According to the company, the plan is focused on strengthening its core easyfinancial platform, enhancing credit and risk discipline, simplifying operations, improving cost efficiency, and maintaining liquidity and balance sheet flexibility.

The board has stated it is actively engaged in overseeing management's execution of these priorities throughout 2026. However, specific details on the plan's individual components, implementation timelines, and measurable targets have not yet been publicly disclosed. Investors will be watching closely for future communications that provide more granular insight into how this strategic framework will translate into tangible improvements in performance and shareholder value.

The Weight of the ISS Endorsement

For shareholders weighing these proposed changes, the recommendation from ISS provides a significant tailwind. As a proxy advisory firm whose reports are relied upon by major institutional investors, an ISS endorsement can heavily influence the outcome of a shareholder vote. The firm's recommendation to vote "FOR" all of goeasy's resolutions—including the election of the new director nominees, the re-appointment of Ernst & Young LLP as auditor, and the confirmation of the company's advance notice by-law—lends crucial third-party validation to the board's strategy.

This backing suggests that a key independent assessor believes the proposed board refresh and strategic direction are credible and in the best interests of shareholders. It provides a powerful counter-narrative to the recent performance issues and may persuade wavering investors to support the current leadership's turnaround plan.

Shareholders of record as of March 25, 2026, are eligible to vote at the virtual meeting. The company has established a dedicated website and retained strategic advisor Kingsdale Advisors to assist shareholders with questions and the voting process, encouraging all to review the circular and participate in the pivotal vote.