New chair for Fletcher Building

New Zealand’s largest listed company, Fletcher Building Limited (FBU), has appointed a new chairman to take over from Ralph Waters after he retires at the upcoming AGM. From 21 October 2014 Sir Ralph Norris will take over the position of chairman.

Sir Ralph has held a number of executive roles in Australia and New Zealand and currently sits as an independent director on Fletcher’s board; being re-appointed in April this year after having served as a non-executive director between 2001 – 2005. Before his recent appointment Sir Ralph held the position of CEO at ASB Bank, Air New Zealand and Commonwealth Bank of Australia respectively. In 2006 Sir Ralph received a DCNZM (Distinguished Companion of the New Zealand Order of Merit) for his services to business. Click here to view the media release.

Fletchers have recently reported a 4% rise in full-year profit on marginally lower sales (down 1%); the company reports that this increase in profit has been subdued in part due to a high Kiwi dollar and one-time charges against asset sales.

At the close of trading yesterday Fletcher shares on the NZX had risen 6.8% this year.

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