Fletcher Building appoints former exec Andrew Reding as CEO
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The news: Fletcher Building has appointed Andrew Reding as group CEO and managing director, starting his role as director on 22 August and assuming his full role from 30 September.
The numbers: Reding previously spent 11 years at Fletcher Building, including as managing director of wood panels between 1997 and 2001, and as divisional CEO of building products and steel between 2001 and 2006.
The context: Reding, who held a number industry advisory roles and senior executive positions at Rank Group after leaving Fletcher, will resign from his current role of director and chair of the New Zealand Shareholders' Association.
Fletcher's previous CEO Ross Taylor left the company in March, after it was decided both he and former chair Bruce Hassall would leave their roles after reporting a half-year loss of NZD120 million ($112.7 million) compared to a NZD92 million profit in the prior corresponding period.
Taylor was replaced by acting CEO Nick Traber, who was considered as an internal candidate for the search process for the permanent CEO role.
What they said: Fletcher's acting chair Barbara Chapman said: "Andrew is a highly experienced business leader who has held numerous key operational leadership roles in the construction materials and building products sectors over the past 35 years".
"... He is an industry veteran who brings a unique combination of skills and experience, and a performance and values mindset," she said.
Reding said: "My immediate priorities will be to understand and then optimise the operational performance across the businesses for the prevailing challenging market conditions, see that we are well positioned when those market conditions improve, and work towards closing out the well-known issues the company faces."
"I will also be undertaking a strategic review which I will announce to the market in the first half of the year."
The source: ASX announcement
