Sharechat Logo

DFC veteran Sandy Maier named CEO of South Canterbury Finance

Tuesday 29th December 2009

Text too small?

South Canterbury Finance, whose shareholder was forced to inject funds and underwrite bad loans last year, named statutory management veteran Sandy Maier as chief executive.

Maier’s role will include overseeing the group’s loan portfolio and advising the board on South Canterbury’s recapitalisation, it said in a statement today.The finance company controlled by Allan Hubbard posted a net loss of $69 million in the year ended June 30 after taking provisions against non-performing assets such as property loans. It was forced to negotiate repayment terms with a group of U.S. investors after losing its investment grade credit rating.

Maier has been hired under a consultancy agreement with Hubbard’s Southbury Group and will be CEO of both the group and South Canterbury, the company said. He replaces Nigel Gormack, who became acting CEO when former chief Lachie McLeod left at the end of November. He is chairman of state-owned Learning Media, Radius Property, Pathfinder Asset Management and Oyster Bay Marlborough Vineyards.

He was a statutory manager of Development Finance Corp. in 1990-1992, assuming responsibility for the financing body that failed in 1989 amid loan loss provisions, having pursued an aggressive approach to lending.

Last week, S&P affirmed South Canterbury’s BB+ rating, saying the outlook was ‘negative.’ S&P cited the company’s access to debenture funding, new independent directors and clean financial statements.

South Canterbury’s liquidity and asset quality remained weak for the current rating and the firm is only in the early stages of addressing concerns about related-party investments, S&P said.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Telecom will offer CEO and senior managers performance equity grants to boost profits
Former Fonterra executive Alison Andrew appointed to head Transpower
MRP director Miller, CFO Meek go trawling for cheap shares
Rob Fyfe to leave Trilogy board, seeks new senior role in NZ
David Ross appears at District Court hearing, remanded until Aug.29
Crown drops charge against ex-SCF finance chief Graeme Brown
Postie Plus appoints No 1 Shoes executive Binns as new CEO
Pumpkin Patch CEO Neil Cowie resigns to take job with rival retailer
George Alexander Louis
Time to Move Before You Get Caught in the Meridian Watershed