Allan Hubbard Appointed as SCF President for Life

Allan Hubbard accepts appointment as President for Life of South Canterbury Finance

Allan Hubbard, the Chairman and controlling shareholder of South Canterbury Finance Limited has decided to become President for Life and step aside as a director of the Company. The position has been created to reflect his special role and contribution to the Company over several decades, and which continues to endure.

Mr Hubbard indicated at last year’s Annual Meeting of the Company that he intended to step aside as Chairman of the board 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.

Commenting on his decision, Mr Hubbard says: “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.  I am confident the decisions being taken will restore South Canterbury Finance as a leading provider of finance for business development beyond the traditional banking sector”

“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.”

Mr Hubbard says South Canterbury Finance has impacted the lives of many people over the years by providing resources at crucial times to support their endeavours.  “It is essential to the New Zealand economy that firms such as South Canterbury Finance are able to continue in this role.”

In the years he has chaired South Canterbury Finance, Mr Hubbard has transformed the business from a small local finance company into one of the country’s leading players in the non-banking finance sector.

“The South Canterbury Finance story is remarkable, and a tribute to the dedication of Allan, his wife and co-owner Jean and the people who have worked with him over the years,” Chief Executive Officer Sandy Maier says.

“He has made an enormous contribution by his far-sighted decisions to support the growth of New Zealand’s backbone industries.  An acknowledgement of that was the recent presentation of the Ron Cocks Memorial Award for his contribution to the irrigation schemes that are now the basis of much of Canterbury’s wealth. But critically, Allan has used the resources of South Canterbury Finance to help people and to help them achieve their ambitions.  He has worked tirelessly for a very long time and he continues to do so despite being in his eighties.  This is a change in his role and not a retirement.”

As President for Life, Mr Hubbard will continue to attend South Canterbury Finance board meetings.
The directors will convene in the near future to appoint a new Chairman of South Canterbury Finance.
In a separate development, Mr Edward (Ed) Sullivan has announced his retirement as a director of South Canterbury Finance with effect from 31 May 2010.

Mr Hubbard thanked Mr Sullivan for his contribution over many years.