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Gene McBurney and Fiona Macdonald will be retiring as board members of GMP Capital Inc., the Toronto-based firm announced on Wednesday.

McBurney, a widely recognized investment banker, founded GMP Securities L.P. in 1995 with the late Brad Griffiths and was instrumental to the firm’s success in the entrepreneurial segments of the Canadian capital markets. Last year, GMP Capital sold the majority of its capital markets business to U.S.-based Stifel Financial Corp.

McBurney is leaving to pursue other opportunities in the capital markets sector, GMP Capital announced.

Macdonald was appointed to GMP Capital’s board in 2013, bringing more than 25 years of experience in executive compensation and human resource strategies to the role. During her tenure on the board, Macdonald was chair of the management resources compensation committee and also served on audit, governance and special committees.

With the departure of McBurney and Macdonald, GMP Capital’s board of directors will consist of five members. The board is currently evaluating options with respect to appointing new independent directors.

“We thank Gene and Fiona for their leadership, strategic guidance and informed insights and we wish them both all the very best in their future endeavours,” Don Wright, chair of the board, said in a statement.