South Canty CFO resigned 'months ago'

South Canterbury Finance yesterday disclosed that chief financial officer Graeme Brown resigned several months ago but agreed to postpone the move until now.

"Several months ago Graeme tabled his resignation to pursue a new opportunity but at the request of the board agreed to, and was able to, postpone this opportunity until such time that new management could be installed," the finance company said.

The 83-year-old company posted a $50.4 million loss in the year to June 30 and had to organise new funding when a credit downgrade allowed United States investors to ask for funding they had provided to be repaid.

Owner Allan Hubbard had supported the company financially and acknowledged the support of investors and customers during restructuring.

Last month chief executive Lachie McLeod resigned and Nigel Gormack was appointed as interim chief executive from December 1. Also, two directors retired this year and three new independent directors were appointed.

David Jarmen has been appointed interim chief financial officer until a new appointment can be made, the company said yesterday.

"With the recent re-organisation of senior management, Graeme now believes that he has completed his extended obligation to the board and wishes to depart knowing the company now has a management team in place that is capable of taking the company forward," the company said.

"He goes knowing full well that the company does not want to lose his services and that the board, management and staff are very sad to see him go. We wish him well in his new endeavours and know that he will be very successful in these."

- NZPA