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

Jonathan Ling

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.


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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.

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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.

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He placed too much stock on the chch rebuild.

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

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Fletcher has been a disappointment in terms of share price, particularly given it's unrivalled access to big opportunities.
If there is no significant improvement in the near future we could see a takeover bid.
Let's hope some improvement is forthcoming!
Paleo

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