Allied Farmers Rural has appointed a new chief executive.
Former Fonterra executive Steve Morrison, who owns a sheep and beef property near Stratford, will step into the role vacated by Rob Alloway.
The company's share price has collapsed to 1 cent each, it has seen a very public board spat and the firm is battling Hanover Finance whose property assets it bought for nearly $500 million late in 2009.
Allied Farmers' finance arm, Allied Nationwide Finance, went into receivership last year.
