This article is from the Australian Property Journal archive
EMBATTLED construction products manufacturer and home builder Fletcher Building has seen an acceleration of its board renewal this week, with directors Rob McDonald and Martin Brydon both bringing forward their exits from the board to next week.
Fletcher is expecting lower earnings for FY24, with market conditions remaining weak across the company’s materials and distribution divisions, which prompted credit ratings agency Moody’s to downgrade the company’s rating.
Last week, it sold half of its business in Fiji for NZ$20 million, and is expecting to take non-cash impairment of around NZ$15 million on the business.
CEO Ross Taylor exited after the poor half-year result, chief financial officer Bevan McKenzie is also on the way out, and chairman Bruce Hassell, also left.
The search for a new chairman is nearing its conclusion.
Earlier in the year, the company put its plumbing and bathroom supplies business Tradelink up for sale – the deadline for non-indicative bids was earlier this month – as it swung to a first-half loss of $113 million.
