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
- Business Week in Review with Grant Walker and Andrew Patterson
- John Glengarry says the Lacoste trade mark battle has brought certainty to trade mark law
- Folded arms greet Tillerson in Mexico and travel ban update delayed, on Trump's Beltway
- Stewart Germann and Gehan Gunasekara go head-to-head on the franchising debate
- Rob Hosking rates Jacinda Ardern's chances in Mt Albert