Former Hanover director Des Hammond and a former Rabobank executive are among four new senior management positions appointed to South Canterbury Finance.
South Canterbury said today it had appointed former Sydney-based head of business banking for
Former Hanover director Des Hammond and a former Rabobank executive are among four new senior management positions appointed to South Canterbury Finance.
South Canterbury said today it had appointed former Sydney-based head of business banking for Rabobank, Dean Clark, as general manager of South Canterbury Finance’s so-called “good bank”.
Chartered accountant Garry Sue has been appointed head of internal audit responsible for establishing new enterprise risk management, audit and monitoring systems. Mr Sue was previously head of internal audit for the ASB group of companies and has more than 20 years experience in risk auditing.
Dunedin City Holdings director Mike Coburn has been appointed senior advisor specialising in real estate. He is a past director of the holding company for the Paperplus retail chain.
Mr Hammond, a restructuring specialist with KPMG, was appointed as a senior advisor to chief executive Sandy Maier.
Mr Hammond will focus on South Canterbury’s investment portfolio containing Helicopters NZ, and the company’s holdings in Scales Corporation, South Island Dairy Farms, Dairy Holdings and other assets, South Canterbury said in a statement.
“These four appointments will complement the existing management team and create further efficiencies as the Company looks to maximise the value of its assets,” Mr Maier said in a statement.
Mr Hammond’s most notable recent directorship was at failed lender Hanover Finance. He was brought in to oversee Hanover’s ill-fated moratorium and subsequent sale of assets to Allied Farmers.
That deal saw Hanover investors swap more than $500 million worth of debentures for shares in Allied Farmers. The shares, originally priced at 20.1c, are now trading at about 3c on the NZX.
The assets, originally valued at $396 million in December last year, are now valued at $124 million, according to new valuations obtained by Allied Farmers.
Allied Farmers says it is now considering taking legal action against Hanover and its owners, directors and officers for what it alleges are serious breaches of that agreement.
South Canterbury chief executive Sandy Maier told NBR Mr Hammond joined Hanover in its remedial phase and was not a part of the "Hanover problem."
"Des has experience over two decades of working out difficult problems so we were delighted to find him available."
South Canterbury also updated the market on its asset recovery progress saying total recoveries had now exceeded $256 million since the start of 2010.
