Struggling South Canterbury Finance has announced the appointment of the Queenstown-based former KPMG partner and ex-Pyne Gould Guinness and PGG Wrightson chairman Bill Baylis as its new independent chairman.

Baylis replaces South Canterbury Finance founder and owner Allan Hubbard who recently stood down from the board but has been appointed president for life. Edward Sullivan retired from the board on May 31 leaving Stuart McLauchlan and James Denham Shale as the only other remaining directors.

Read South Canterbury Finance's full statement below:

The directors of South Canterbury Finance Limited today announced the election of Bill Baylis as Independent Chairman.

Acknowledging the new position, Mr Baylis says the board is committed to the turnaround he and the other Independent Directors joined the company to undertake late last year.

“South Canterbury Finance is making solid progress towards rebuilding a sound financial footing for the future.”

Mr Baylis, a former partner of accounting firm KPMG, has broad governance experience over a range of industries. He is currently Chairman of Real Journeys Limited, a director of Landcorp Farming Limited, Port of Tauranga Limited, where he is Chairman of the Audit Committee, and several private companies.

He is a past chairman of Pyne Gould Guinness Limited, PGG Wrightson Limited and Naylor Love Enterprises Limited.

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Mr Baylis is a Fellow of the Institute of Chartered Accountants of New Zealand, Fellow of the New Zealand Institute of Management and Accredited Fellow of the Institute of Directors in New Zealand and currently Chairman of the Institute’s Accreditation Board. Born and educated in Dunedin, Mr Baylis is now based in Queenstown.