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.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- ACT's David Seymour on his party's future and his role in opposition
- RBNZ to keep its head down and hold interest rates this Thursday, Rob Hosking says
- Fonterra chairman John Wilson explains the big jump in executive remuneration
- Nevil Gibson examines the low turnout in Maori seats
- Synlait MD John Penno on adding value, moving up from commodity products
- NBR Radio: best of the week ended September 22, with Grant Walker