Radio New Zealand - Te Reo Irirangi o Aotearoa

Allied Farmers' head Rob Alloway to step down

Updated at 12:44 pm on 3 September 2010

The managing director of Allied Farmers, Rob Alloway will step down at the end of the year.

The rural services firm has undergone a tumultuous time, with the collapse of its finance arm, ongoing writedowns of its Hanover Finance's assets and cuts to its credit rating.

Nevertheless, Mr Alloway feels he's achieved what he set out to do, reducing senior debt to $14.2 million, stabilising the rural business and overhauling its management.

He says Allied Farmers will meet the requirement of its banker, Westpac.

Mr Alloway says, in his view, the business had been over-geared by the board and subsequently debt needed to be quickly reduced, because earnings had reduced as well.

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