Adamson replaces Fletcher Building CEO Ling
Fletcher Building chief executive Jonathan Ling will resign on September 30 and return to Australia.
He will be replaced on October 1 by Mark Adamson, chief executive of Fletcher's Laminates & Panels division.
Chartered accountant Mr Adamson, who joined Fletchers in 2007, will become CEO and managing director of the country's largest listed company.
The appointment follows a global search for a new CEO after Mr Ling said he wanted to retire after six years in the job, the Auckland-based company said.
Mr Adamson was the unanimous choice of the board, which was “impressed with what he had achieved in his current role and the vision he has for Fletcher Building”, chairman Ralph Waters said.
Under Ling, the company made acquisitions including Formica and Australian pipe manufacturer and distributor Crane which doubled the size of the business.
Its shares have shed about a third of their value under Ling’s watch, having peaked in 2007 before tumbling with the global financial crisis and local recession in 2008.
Much hope for earnings growth has been loaded onto the rebuild of Christchurch, where Fletcher is overseeing the reconstruction efforts on behalf of the government.
Mr Adamson will be the second CEO to come via the laminates and panels business, which Mr Ling had headed before his appointment to the top job in 2006.
Mr Adamson is a 46-year-old Briton who joined Formica in 2000. He is based at the Formica headquarters in Cincinnati in the US.
His pay will be $1.5 million and he will receive two tranches of 500,000 share options, granted three years apart, Fletcher said.