Backstory: How Fletcher Building unravelled
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The backstory of how Fletcher Building unravelled looks at NBR's coverage of the company, which led to its profit downgrading and the sacking of chief executive Mark Adamson. The references in the video are listed in chronological order below.
On March 24, 2017, NBR’s Shoeshine column identified the two projects as the Justice and Emergency Precinct in Christchurch and the National Convention Centre in Auckland and revealed speculation that Fletcher’s bid for the convention centre undercut its nearest rival by up to $100 million.
NBR began publishing a series of stories from May 5, 2017, “Is Fletcher Building axeman unsackable?”
On June 2 2017, NBR published an analysis of chief executive Mark Adamson’s performance, which detailed increasing administration costs, a wholesale cleanout of executives at the senior level coupled with a blowout in the number of very highly paid staff.
On June 23, 2017, NBR published details of Fletcher’s ballooning use of consultants.
On June 30, 2017, NBR reported on the exodus of employees from the construction division.
On July 20, 2017, the board announced it was sacking Mr Adamson and downgrading its profit guidance again to $525 million for the year ended June.
Also on July 20, 2017, NBR published details of an abusive email Mr Adamson sent in mid-December in which he criticised accounting firm Deloitte and the B&I unit, which he said was “highly politicised and chauvinistic” and “full of pompous old farts who are hierarchically obsessed.”