Fletcher Building drops despite new chair appointment
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More news: Shares in Fletcher Building are down 4% to $2.51 despite the troubled building products supplier naming a new chair nearly a year after the previous chair resigned.
The company said director Peter Crowley will be elevated to the role following an extensive search.
Fletcher Building names Peter Crowley as new chair
The news: Troubled building products supplier Fletcher Building has named industry veteran Peter Crowley as its new chair with immediate effect.
The numbers: Crowley has been director of the company since 2019. He has more than 40 years of experience in the construction materials and building products industries across Australia, New Zealand, Asia, Europe and North America, including as chief executive of GWA Group and senior executive roles with Holcim Group.
Fletcher said acting chair Barbara Chapman will step down from the board given the completion of the board renewal process, but will remain as a director until 30 April to facilitate an effective handover to Crowley.
The context: The company said the selection followed an extensive search, with Crowley’s unique skills and experience, coupled with his deep understanding making him the best person for the role.
The NZX and ASX-listed company saw several top management departures last year amid shareholder discontent over weak share price performance and a full-year loss that prompted it into a NZD700 million ($642 million) equity raising to strengthen it’s balance sheet.
Fletcher also announced the appointment of former Bunnings New Zealand executive Jacqui Coombes as an independent, non-executive director, with effect from 14 April.
The source: ASX announcement
