South Canterbury Finance Appoints New Chief Executive Officer

South Canterbury Finance Limited is pleased to announce that Mr.Sandy Maier has assumed the role of Chief Executive Officer. Mr. Maier has been contracted by South Canterbury Finance’s parent company, Southbury Group Limited, under a consultancy arrangement which sees him assuming the role of Group CEO and CEO of South Canterbury Finance.

Mr. Maier’s role will include making recommendations to the Board with respect to the restructuring of Group financial affairs and overseeing South Canterbury Finance’s loan portfolio. Mr. Maier replaces Mr. Nigel Gormack, interim CEO since 1 December.

Since his successful engagement as Statutory Manager of the Development Finance Corporation from 1990-92, Mr. Maier has led several restructures across a wide range of sectors.

The Boards of Southbury and South Canterbury Finance have confidence that Mr. Maier’s appointment will assist them in making effective decisions particularly in relation to the ongoing efforts regarding the restructuring and recapitalisation of South Canterbury Finance.

South Canterbury Finance Chairman Mr. Allan Hubbard, major shareholder of the Group, said “I welcome the appointment of Sandy Maier and also want to thank Nigel Gormack for stepping in to the CEO role at such short notice and seeing the company through an important transitional period which included the recent Standard & Poor’s announcement of a reaffirmed BB+ credit rating (upgraded to Negative Outlook from Creditwatch Negative).”