Embattled company director Allan Hubbard has resigned as a director of Dairy Holdings Ltd with effect from March 31.
Company chairman Colin Armer yesterday said in a statement Mr Hubbard, the founder of Dairy Holdings, had been responsible for the creation and growth of New Zealand's largest corporate dairy farming operation.
As a founding shareholder, Mr Hubbard was instrumental in the transactions that purchased the initial Dairy Holdings farms during 2000-01.
"His support to Dairy Holdings extended to provide assistance in strategic direction, finance and administrative support that was invaluable during the company's formative years."
Mr Hubbard had been a strong supporter of the entry and growth of several managers, sharemilkers and first-time farm owners within the dairy industry, Mr Armer said.
The Government placed Mr Hubbard, his wife, Jean, and related companies into statutory management last year.
Mr Hubbard headed the Timaru-based South Canterbury Finance which the Government spent $1.7 billion bailing-out.
