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Sir Ralph Norris to take up Fletcher chair in October

Sir Ralph Norris, the former head of Commonwealth Bank of Australia, will take the chair of Fletcher Building [NZX: FBU] in October, replacing the retiring Ralph Waters.

Fletcher today announced Norris would take over as chairman on Oct. 21, having joined the construction company's board in April as part of the succession to replace Waters, who signalled his retirement last year. Norris is current a director of Fonterra Cooperative Group and Origin Energy, and has previously been chief executive of CBA and Air New Zealand.

"Sir Ralph had led large organisations in both New Zealand and Australia, and his extensive experience will be of great benefit to Fletcher Building which has substantial operations in both countries", Waters said.

Waters led Fletcher as chief executive from 2001 to 2006, staying on as a director after that and taking over as chairman in 2010.

New Zealand's biggest listed company is scheduled to report annual earnings tomorrow, with Forsyth Barr analysts expecting 9 percent growth in net profit to $355.3 million.

Shares of Fletcher rose 1 percent to $9.14 today, and have gained 6.4 percent this year.

(BusinessDesk)