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Fletcher Challenge Forests Chief Executive Departs

Fletcher Challenge Forests Chief Executive Departs

AUCKLAND, 23 May 2000 – Paul Fowler, Chief Executive of Fletcher Challenge Forests, will leave the company at the end of June. “I have been considering a change for some time,” Mr Fowler said. “When I joined the company, my intention was to spend four or five years as Chief Executive. My goal was to establish a strong performance culture, and set the company firmly on the way to realising its strategy of adding value to its forest resources through local manufacturing. I am confident I have achieved this.”

Mr Fowler joined Fletcher Challenge Forests in early 1996, having previously held various executive positions in the oil and minerals sectors of BP. During the past four years, Mr Fowler and his wife Judy have become New Zealand citizens and established a vineyard on their farm south of Auckland. “We have literally put down roots in New Zealand. ”

Mr Fowler said that he would not be announcing any new plans immediately. “But as anyone who knows me will be well aware, I thrive on new challenges and opportunities.”

Fletcher Challenge Chief Executive Officer Michael Andrews said that everyone at Fletcher Challenge, and especially Forests, would join with him in wishing Mr Fowler well for the future. “It was Paul’s decision that this was a good time to leave. As he says, he came here four years ago to do a very specific job. He brought skills we badly needed which have directly led to operational improvements and enhanced performance by Fletcher Challenge Forests.

“When he was appointed Paul predicted that in a few years at least half of Forests’ revenue would come from processed wood products compared to the then 10 percent of total revenue. For the six months to the end of December 1999, manufactured products made up 54 percent of Forests’ total revenue. He has done well.”

Mr Andrews said that he expected to announce a replacement before Mr Fowler’s departure.


To: BUSINESS EDITOR From: GINNY RADFORD
DIRECTOR COMMUNICATIONS
FLETCHER CHALLENGE FORESTS

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