Fletcher Building has started to refresh its boardroom with the departure of two directors and says it wants their replacements to have construction and contracting experience.
Director John Judge, who is chair of the board's audit & risk committee, will end a nine-year tenure at the company's annual meeting next month and Kathryn Spargo, who joined in 2012, will retire immediately, the Auckland-based company said in a statement. That leaves the Fletcher board with six directors, and it has started a process "to extend its skills and experience, particularly in the area of construction and contracting," the company said.
Last month, Fletcher chairman Ralph Norris said the board would be refreshed as part of a normal rotation when fronting the company's annual results after chief executive Mark Adamson was dumped. Profit slumped after two major construction projects blew out, although the rest of Fletcher's workbook is seen having positive margins.
Norris today said Mr Judge made a "significant contribution" during his time, while Spargo had particular input in the company's health and safety governance.
Bruce Hassall will assume the chair of the audit and risk committee while Cecilia Tarrant will take over the chair of the safety, health and environment & sustainability committee.
Fletcher shares last traded at $8.17 and have dropped 23% so far this year, compared with a 13% gain for the benchmark S&P/NZX 50 Index.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- RNZ's Colin Peacock grills NBR publisher Todd Scott about his rising social media profile and a push or 100,000 subs
- Cameron Officer on the brands tailgating Tesla's electric vehicles
- Tim Hunter discusses why Christchurch-based cryptocurrency exchange Cryptopia could face a class action
- Intelligence expert Paul Buchanan discusses Pacific Aerospace
- NBR Radio: The best interviews – updated daily, with Grant Walker