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Change announced in Building leadership

Change announced in Building leadership

AUCKLAND, 24 January 2001 – Fletcher Challenge today announced that Alexander Töldte, Chief Executive Officer-designate of the proposed new company, Fletcher Building, has decided not to take up his role following the separation of the Building Division as a stand-alone company.

“While this is a disappointment to us at this stage of the Fletcher Challenge separation process, it will not prevent us establishing a strong and independent future for the Building Division following separation”, said Dr Roderick Deane, Board Chairman. “To ensure the strategic development of the stand-alone company continues, Michael Andrews will become Interim Chief Executive of Fletcher Building until a permanent CEO is appointed”, Dr Deane confirmed. “In this interim role, Michael will concentrate on the delivery of performance improvement initiatives to Fletcher Building. We have begun a search process to bring into Fletcher Building an external Chief Executive with broad international experience who will develop the architecture for Fletcher Building’s new direction.”

The separation of Fletcher Challenge Limited will be put to a shareholder vote in early March. The Board’s recommendation is for the Building Division to become an independent, New Zealand-focused company called Fletcher Building. Its strategy will focus on three specific areas:
 Realignment of the portfolio to strengthen strong-performing assets, exit under-performing assets, and move the focus from overseas activities
 An aggressive cost/operational programme, moving to achieve operational best practice
 Greater participation in ‘new growth’ areas of the New Zealand building industry, such as e-commerce and composite building materials.

Ends


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