It was announced yesterday Mr McLeod was leaving the company at the end of the month and planned to pursue farming interests.
He will be replaced on December 1 by Nigel Gormack, who will be interim chief executive.
Already, three new directors, Bill Baylis, Stuart McLauchlan and Denham Shale, have been appointed to SCF as it readies itself for a float early next year.
One of the new directors is likely to replace South Canterbury businessman Allan Hubbard as chairman when the new company, Southbury Corporation, lists.
Mr McLeod's departure comes after a year of problems for SCF.
The company had doubled in size in five years, but this year reported its first loss since 1934.
Craigs Investment Partners broker Chris Timms said at some point, someone had to be held responsible for what had gone on.
It had been revealed Mr Hubbard had put his own money into the group in an effort to keep it afloat, an overseas investor had called in a loan once the Standard & Poor's rating was lowered and the group had written down parts of its lending portfolio.
The group was seeking more than $100 million in capital as it tried to get back to profit and reduce exposure to troubled property loans.
"With three new directors to the board, if there is an opportune time to take this action then this is it. They can start with a clean slate," Mr Timms said.
Southbury would probably float on the sharemarket in February-March 2010.
The float would involve a slimmed down SCF, New Zealand Helicopters and Scales Corporation.
Broker Forsyth Barr is helping organise the float details, though how much had to be raised was yet to be decided.
