SCF chief executive resigns

www.depositrates.co.nz

Thursday 26th November 2009

"The last 18 months have been particularly turbulent for the finance industry with pressures unleashed by the global financial crisis, new regulations and the difficult trading environment," McLeod says.

"South Canterbury Finance is now on a more stable footing with a diversified portfolio of assets that will underpin its future. This is the right time to find and establish a new chief executive who can oversee the recapitalisation that will take place next year, position for the implementation of the new regulatory framework and meet the new challenges the industry will face."

McLeod will continue to work with South Canterbury Finance as a consultant until a new chief executive is appointed and then as a consultant to the other business interests of the company's principal shareholder and chairman, Allan Hubbard.

Hubbard says he fully understood the reasons for McLeod's decision.

McLeod says he will be focusing on his family and farming interests when his day to day involvement with the group ends.

Nigel Gormack, a partner in Timaru chartered accountants HC Partners, has been appointed as interim chief executive.

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