Hubbard steps aside as chairman of South Canterbury Finance

Friday 28th May 2010

Allan Hubbard has stepped aside as a director of the company and become President for Life.

Hubbard remains as the controlling shareholder of South Canterbury Finance.

The position has been created to reflect his special role and contribution to the company over several decades, and which continues to endure, the company says in a statement.

Hubbard had earlier indicated he intended to step aside as chairman sometime this year.

Moving into his new position as President for Life will enable a greater focus on finding a new equity partner for the company and assist the drive to improve liquidity.

"Significant achievements have been made by the board and new management team in the last six months to put the business on a sound footing," Hubbard says.

He says there are

two important tasks ahead: to work with the board and management to overcome the short-term liquidity issues that have arisen as an unintended consequence of the initial Crown retail deposit guarantee and secondly to find an equity partner for South Canterbury Finance to achieve an orderly succession and underpin the long term future of the business."

As President for Life, Hubbard will continue to attend board meetings. A meeting will be held in the near future to appoint a new chairman.

Also today Edward Sullivan has announced his retirement as a director with effect from May 31.

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