Marac Finance has announced that Managing Director Brian Jolliffe plans to step down by the end of the year to June 30, 2009 for personal reasons.
"Brian has made the choice for lifestyle reasons," Marac Chairman Sam Maling said in a release to the NZX. "The timing of the resignation will enable Brian to complete the transition of MARAC to a bank and to help with the smooth transition to his successor," Maling said.
Meanwhile Marac said its profit for the current financial year was now expected to be lower than the previous year, although Marac's business was in a sound condition with strong liquidity.
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