Then on 12th November 2009, auditor WoodNorth Myers was replaced with Ernst & Young.
After that it was CEO Lachie McLeod who resigned on 26th November 2009.
Most recently CFO Graeme Brown resigned on 21st December 2009.
The details:
South Canterbury Finance has disclosed that chief financial officer Graeme Brown resigned several months ago but agreed to postpone the move until now.That story doesn't quite add up: if the guy was hanging around 'until such time that new management could be installed' then why is his replacement 'interim chief financial officer until such a time as a new appointment can be made'?
"Some several months ago Graeme tabled his resignation to pursue a new opportunity but at the request of the board agreed to, and was able to, postpone this opportunity until such time that new management could be installed," the Timaru-based finance company said.
...
David Jarmen has been appointed interim chief financial officer until such a time as a new appointment can be made, the company said today.
"With the recent re-organisation of senior management Graeme now believes that he has completed his extended obligation to the board and wishes to depart knowing the company now has a management team in place that is capable of taking the company forward," the company said.
What should we make of all these important officers leaving the company? You tell me, this post is open for comments.
Is it rats leaving a sinking ship?
Last one out turn off the light?
Just a changing of the guard?
What is wrong with South Canterbury Finance? is it strategy or leadership, or both?
1 comments:
I think you will find that David Jarman is about as smart as you will get in NZ for a CFO. This is about the only thing SCF have done so far that makes any sense.
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