Allied Farmers CEO steps down

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Rob Alloway, the man behind Allied Farmers' purchase of Hanover Finance's assets, has quit as chief executive.

The company said today he would step down from his current role in December but would remain on the Allied Farmers board.

He had given notice ''to allow a timely search for a new CEO and a measured handover of the business.''

Alloway said ''the time was right to step down from the hands-on, day-today role of running the business as the restructuring process which began about a year ago was nearing completion.''

''My key goal was to establish a more stable financial platform and normalise the company's banking and other commercial arrangements.''

He said the company expected the process would be complete ''in the next few weeks'' leaving the business with substantially reduced senior debt.

Alloway's resignation is the second high level departure from Allied Farmers. Chairman John Loughlin announced his resignation on August 20, the day finance subsidiary, Allied Nationwide, was placed in receivership.

In December Allied Farmers bought loan assets and liabilities from Hanover Finance in an all scrip deal that left Hanover's investors owning about 98 per cent of the company.

- © Fairfax NZ News