Finnigan new Strategic chief

Privately owned property funder Strategic Finance has appointed former Hanover Group chief executive Kerry Finnigan as its new boss.

Finnigan has been at Hanover since 2000 and will take the helm from Strategic chief executive Jock Hobbs on November 1.

Hobbs, New Zealand Rugby Union chairman and a former All Black captain, will step back to become an executive director at Strategic but retain his holding of just under 20 per cent.

Strategic chairman Denis Thom said the change would allow Hobbs to balance time between his sports and finance responsibilities. In passing the ball to Finnigan, Hobbs would continue to have day-to-day responsibilities at Strategic.

Thom praised Hobbs, saying it was on his watch that the company had delivered a spectacular result.

Late last month Strategic reported a 35 per cent increase in June-year net profit to $25.5 million and said it had assets of just under $400 million. Net cashflow from operations increased 45 per cent to $25.6 million.

Hobbs, who has been chief executive for the past four years, welcomed Finnigan.

"It's time I stepped down and we had a fresh pair of legs," Hobbs said.

He partly dismissed speculation that the appointment might signal that Strategic was taking a step closer to listing.

"We have a planning day not far away and it may be raised during that session.

"But we don't have any fixed plans to list, although we've always said we want to be a company that was capable of listing."