Wellington, Nov 26 NZPA - South Canterbury Finance Ltd chief executive Lachie McLeod is leaving the finance company, shareholders were told at the annual meeting in Timaru today.

Mr McLeod has resigned and will leave on November 30. Nigel Gormack will be interim chief executive. Mr Gormack is a chartered accountant who will start on December 1.

"The board would like to take the opportunity to thank Lachie for his leadership of the company over the past six years and wish him well in his future endeavours," the company said in a statement.

Last month, South Canterbury Finance said it would repay a $US100 million ($NZ139.25m) private placement facility and it has since paid $50m of that. The remaining $50m will be repaid progressively over the next five months.

A credit rating downgrade triggered a right for the investors in the facility to require repayment.

The company is covered by the Government's retail deposit guarantee scheme and wants to participate in the extended version of the scheme.

South Canterbury Finance's owner, Southbury Group, has appointed Forsyth Barr and Harmos Horton Lusk as advisers to assist in the restructuring and recapitalisation of the group.

Southbury is owned by well-known Timaru businessman Allan Hubbard, chairman of South Canterbury Finance.

South Canterbury Finance has existed for 83 years.