Mr Darrow retired at the end of his current term after overseeing one of the most significant growth periods in the company’s history.
Having put his ‘‘heart and soul’’ into the role, it was hard to walk away, particularly as he had enjoyed it so much, he said yesterday.
But six years was a normal tenure — ‘‘run hard, do a good job, step aside’’ — and governance roles were not forever. Constant change was needed in board members, he said.
An Auckland-based professional director, Mr Darrow maintained a full portfolio and had to step away from some roles to take on chairing the board of Health New Zealand.
That appointment, for a three-year term beginning on May 1, was announced by Health Minister Simeon Brown on Thursday who said his expertise in finance, audit, risk and assurance would be critical to driving performance and accountability. It was a position that Mr Darrow said ‘‘doesn’t get any bigger’’.
Mr Darrow’s interest in MTF Finance was driven by several things, including 40 years involvement in the motor industry — which he described as part of his DNA.
He had run other finance companies and competed against MTF but it was the one company he could never beat.
‘‘It had something unique about its business model that was impenetrable. I admired it over a couple of decades,’’ he said.
Established in 1970s as a way for motor vehicle dealers to write loans for their customers, the business had been around
a long time and it had history and legacy.
It would always be based in Dunedin and that ‘‘stoic southern culture’’ also came through.
The highlight of his tenure had been the people. He described the company’s board as ‘‘just phenomenal’’ and one of the strongest he had been involved in, courtesy of attitude and commitment.
Compared with six years ago, MTF was a very different business and he attributed that to good people, from having the right people around the board table and in the executive team, a good plan and strategy, and then executing it.
That strategy, which he signed off in 2021, was about growth and reaching its potential. Then it was about very deliberately and carefully putting that plan in place — ‘‘and it bore fruit’’.
Finance receivables had grown to more than $1.1billion, total assets exceeded $1.2b, and annual lending reached $792million in FY25, one of the strongest years in the company’s history.
For nearly 50 years, MTF had one product. It had now added new products, including personal lending, and more were planned.
Navigating Covid-19 involved a lot of hard work, particularly for a finance company, but that was part of the challenge that governors took on; there were always issues to deal with and that was a ‘‘particularly big one’’.
A certain amount of bravery was needed in business.
‘‘You’ve got to be able to take risks, try things and push for results. The board has been very good at that,’’ he said.
Chief executive Chris Lamers said Mr Darrow’s leadership played a pivotal role in guiding the company through a period of rapid transformation and growth.
‘‘Mark brought a focus and drive to the organisation that kicked off an extraordinary expansion period, nearing 100% business growth, with a corresponding increase in value for originators and shareholders,’’ Mr Lamers said.
‘‘His commercial acumen, governance skills and passion for the industry have focused the strategy and the team on delivering for customers and shareholders. The impact he has made across every part of the business has been immense, and the benefits will be felt for years to come.’’
His comments were echoed by MTF’s new deputy chairman Noel Johnston, of Dunedin, who is also acting chairman until a permanent replacement for Mr Darrow is confirmed.
After starting his career as a motor vehicle dealer in Dunedin, Mr Johnston joined MTF in 1985, saying it was ‘‘just a no-brainer’’ ,
Since then, he had established and operated multiple MTF franchises across Otago. He was appointed to the board in 2019.
‘‘I’m just so passionate about MTF . . . it’s just a great company and great people and we all should be really proud of it. We’ve got to keep building on what we’ve started and be brave and carry on.’’
