Fletcher executive Worley leaves as underperforming Crane unit brought in-house
April 10 (BusinessDesk) - Fletcher Building executive Dave Worley has left the country's biggest listed company after the Crane unit he was responsible for was folded into the parent.
The Auckland-based company will disestablish Crane, which has been operating as a separate group since its takeover two years ago, in a bid to better align the construction firm's units, Fletcher said in a statement. Worley, who has previously headed Fletcher's distribution and laminex decisions before leading Crane, decided to leave as a result of the restructure.
Fletcher bought the Australian pipe manufacturer and distribution company in early 2011 for $1.2 billion in cash and scrip with the aim of diversifying Australian earnings, though it was the worst performing unit in the first half of the current financial year.
Crane's Iplex Pipelines and Crane Copper Tube will now report Fletcher's infrastructure products, bringing pipe and tube units under one umbrella, while the plumbing distribution business Tradelink will report to chief executive Mark Adamson directly.
The shares rose 0.6 percent to $8.55 today, and have gained 3.1 percent this year.