Allco Finance executive directors step down

SYDNEY, March 3 (Reuters) - Troubled Australian investment company Allco Finance Group (AFG.AX: Quote, Profile, Research) said on Monday David Coe, Gordon Fell and David Turnbull would step down as executive directors.

All three would remain involved with the management of the group's businesses, while the board would look for a new independent chairman.

Shares in Allco, which earns the bulk of its revenues by leasing aircraft and ships, have tumbled in recent months on concern over its high debt levels, triggering problems with its lenders.

Allco shares last closed at A$0.87 each. (Reporting by Richard Pullin)