Don't expect a recovery in six months - outgoing Fletcher CEO

Jonathan Ling

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

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.


This article is tagged with the following keywords. Find out more about MyNBR Tags

Post Comment

4 Comments & Questions

Commenter icon key: Subscriber Verified

Commonsense should've told us that as far back as 2006/7...but many kiwis never ever suffer the consequences of their irresponsibility so wouldn't think it important.

Reply
Share
  • 0
  • 0

Wouldnt rate his tenure a great success. The overpayment for Crane being his biggest mistake, not to mention Placemakers business disappearing at the hands of Mega 10 & Bunnings. Asleep at the wheel.

Reply
Share
  • 0
  • 0

He placed too much stock on the chch rebuild.

Reply
Share
  • 0
  • 0

Same plank as "Bluey" of the Worriers.... no place for failure.

Reply
Share
  • 0
  • 0

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7494 -0.0049 -0.65%
AUD 0.9786 0.0026 0.27%
EUR 0.6921 -0.0011 -0.16%
GBP 0.5061 -0.0009 -0.18%
HKD 5.8120 -0.0371 -0.63%
JPY 89.9900 0.0280 0.03%

Commods

Commodity Price Change Time
Gold Index 1186.0 -12.220 2015-03-30T00:
Oil Brent 56.3 -0.120 2015-03-30T00:
Oil Nymex 48.7 -0.190 2015-03-30T00:
Silver Index 16.7 -0.390 2015-03-30T00:

Indices

Symbol Open High Last %
NZX 50 5821.3 5835.5 5821.3 0.16%
NASDAQ 4921.8 4948.5 4891.2 1.15%
DAX 11927.1 12090.1 11868.3 1.83%
DJI 17727.5 18008.6 17712.7 1.49%
FTSE 6855.0 6914.6 6855.0 0.53%
HKSE 24727.5 24949.3 24486.2 1.51%
NI225 19295.2 19474.1 19285.6 0.65%