Fletcher chair Bruce Hassall steps down with immediate effect
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The news: Fletcher Building's chair and director Bruce Hassall has stepped down with immediate effect.
The numbers: Last month, Auckland-based Fletcher announced that Hassall and chief executive Ross Taylor would both leave their roles later this year, as the building supplies company reported a NZD120 million ($112.7 million) loss for the first half of the financial year.
The context: Hassall, who was named as Fletcher's chair in June 2018, had originally told shareholders that he would hand over to a new chair "at the time of the ASM [annual shareholders meeting] in October".
However, Fletcher said that Hassall's decision is to expedite the appointment of a new permanent chair, who will then lead the appointment of a new CEO.
Fletcher's independent director Barbara Chapman has been appointed as acting chair and will lead the external and internal search process for the permanent position.
What they said: Chapman, who will not be putting herself forward for the permanent chair role, said: "The board and management continue to prioritise the operational performance of the company, finalisation of the NZICC project, and managing the Western Australia plumbing matters."
The source: ASX announcement
