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Dorchester Pacific Finance, which secured investor approval for a deferred payment plan last month, has slashed its senior management team, replacing six executives with just two as part of ongoing moves to streamline the business.
The company yesterday said it had appointed former general manager of group operations Henry Lynch and former chief financial officer Tristram van der Meijden as general managers.
"The two roles replace the previous management team of six executives," executive director Paul Byrnes said.
Lynch and van der Meijden will report to Byrnes, who will continue in his current role on a part-time basis.
Byrnes said the company had already reduced its headcount by about 30 in recent months as part of its restructuring. Further cuts were likely "but I would say we're 90 per cent there".
Dorchester, which owes 7200 investors $168 million, made its initial payment of 20c in the dollar to debenture investors just before Christmas as promised and will pay a further 5c in the dollar in March as part of its three-year plan to repay investors in 12 instalments.
The company recently made its first new loan under its new structure. From now on, it will lend only in the consumer and motor vehicle segments with no property lending, although van der Meijden will continue to oversee existing property loans.
