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Jolliffe's Departure From PGC Signalled

Fuseworks Media
Fuseworks Media

Wellington, Oct 31 NZPA - Brian Jolliffe will step down as managing director of Pyne Gould Corporation (PGC) and its finance subsidiary Marac Finance on June 30 next year.

Mr Jolliffe is leaving for lifestyle reasons.

PGC said in September it wanted to become the only New Zealand-owned publicly listed bank.

The company's two existing financial services businesses, Marac and Perpetual, would form the core of the new bank.

"The timing of the resignation will enable Brian to complete the transition of the company to a bank and to help smooth the transition to his successor," chairman Sam Maling said.

Marac Finance said today it was in a sound condition but its performance in the year to June 30, 2009 would be below last year's.

Mr Jolliffe was appointed managing director of both Marac and PGC in July 2005, and joined the board. Prior to that he was chief executive of Marac.

He has held senior management positions with ANZ Bank.

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