Fletcher Building, the country's biggest listed company, has appointed former Commonwealth Bank of Australia boss Sir Ralph Norris to its board as it prepares for the departure of chairman Ralph Waters later this year.
Norris's appointment as an independent director will be effective from April, and will temporarily swell the board's size to nine until Waters' retirement at the end of the year, the Auckland-based company said in a statement. Norris is current a director of Fonterra Cooperative Group and Origin Energy, and has previously been chief executive of CBA and Air New Zealand.
"He will bring valuable skills and experience form leading large organisations, both in New Zealand and Australia," Waters said.
The appointment comes after a column in the New Zealand Herald on Saturday by Milford Asset Management's Brian Gaynor questioning the strength of Fletcher's governance, and the apparently low level of communication between chairman Waters and chief executive Mark Adamson.
Shares in Fletcher slipped 0.5 percent to $8.93 yesterday, and are up 4.9 percent this year.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- “An RBA interest rate cut is pretty much a done deal,” says Capital Economic's Paul Dales
- Japan’s Prime Minister Shinzō Abe opens the floodgates to more stimulus, join NBR's Jason Walls as he explains why
- Despite a few howls of protest, land economics expert Adam Thompson says the Auckland Unitary Plan is positive
- Hamish McNicol discusses the Serious Fraud Office’s warning to companies about employee fraud
- The reviled Taniwha Tax has been dropped from Auckland's Unitary Plan. Taxpayers' Union's Jordan Williams says it's a major coup