The Haier owned Fisher & Paykel Finance appoints new CEO Greg Shepherd from within to succeed Alastair Macfarlane

The Haier owned Fisher & Paykel Finance appoints new CEO Greg Shepherd from within to succeed Alastair Macfarlane

Fisher & Paykel Finance, the consumer lender now owned by Chinese whiteware maker Haier, says its chief operating officer Greg Shepherd will become its new chief executive.

Shepherd will succeed Alastair Macfarlane, its CEO of nearly 25 years, on May 1.

“Greg has an excellent knowledge of the business and is well respected within our organisation and with our merchant channel partners," Fisher & Paykel Finance chairman Carlos da Silva said. "Together with his industry knowledge and recognised commercial skills the directors firmly believe that he has the right credentials and drive required to lead Fisher & Paykel Finance into the next phase of its development”.

“He has a clear mandate from the Board to seek opportunities for expansion and growth.”

Shepherd started at F&P Finance in 2005 as group general manager for lending & business development. In 2006 he was appointed chief operating officer. F&P Finance says prior to that he held a number of senior management roles in regional banking, marketing, operations and business development. Shepherd's 42 and has a Bachelor of Commerce from Otago University.

The search for a new CEO began in February when Macfarlane's retirement was announced. Da Silva said a number of impressive external candidates were considered.

When announcing Macfarlane's departure in February da Silva said his contribution to the firm had been immense.

"He has overseen the growth in the Finance business from a small strategic business primarily supporting the sale of Fisher & Paykel whiteware, into a leading point of sale consumer finance business with over NZ$600 million in gross receivables," said Da Silva.

"More recently Alastair's leadership was instrumental in ensuring the business successfully navigated through the global financial crisis, a period during which a number of other finance companies failed."

F&P Finance's two key products are its Farmers Finance Card and Q Card.

When Haier's ultimately successful takeover offer for F&P Finance's parent, F&P Appliances, was open last year, the Chinese company said it might sell F&P Finance should its bid succeed.

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I predict a good look at Heartland Bank will be among their plans.

Not trying to spruik Heartland's share price are you?

Yes i am.
However i own so few of them that the profit would only allow me to buy a packet of gum.
Heartland to me looks cheap at it's current price as a way to expand as opposed to buying an already dubious finance company.

F&P Finance's future without Haier are bleak. I doubt whether they could sell it off with the present level of debt which is too high.