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The company caught many by surprise on Friday by issuing a brief statement to the NZX advising Mr Bradshaw was leaving on November 30 after 17 years in the job.
Mr Higgs said Mr Bradshaw was of retirement age.
There was a suggestion Mr Bradshaw's retirement might open the way for Heartland Bank to renew its efforts to take over MTF as both work in motor vehicle finance.
A recent meeting of MTF shareholders endorsed the board and its action over a long-running court case. The meeting was called by disaffected shareholders.
Mr Bradshaw is one of the founders of Grasshopper Rock winery.