Don’t expect a lift in the economy over the next six months.
This is the view of the departing chief executive of Fletcher Building Jonathan Ling.
His replacement is Mark Adamson, an executive who has worked in other areas of the company.
Mr Ling told journalists at a media briefing this morning that general economic recovery is more like four or five years away.
He suggested the market cycle was one of the reasons for attending to the Fletcher Building succession now.
Mr Ling has been with Fletcher Building for six years, taking over as the global financial crisis hit.
The company was now a very different organisation but it had emerged intact when many others have fared much worse, he said.
Mr Ling, 58, said it a good time for someone with fresh eyes and new energy.
He is bound by his contract to not compete for a period of time. Neither the chairman nor Mr Ling would state the length of the prohibition period.
Mr Ling will leave in September and return to Australia, where he would take some months off.
The company remains on track with its recent forecasts for the end-of-year result in August.