Fletcher Challenge Forests’ CEO To Retire

Fletcher Challenge Forests’ Chief Executive To Retire

Auckland – Fletcher Challenge Forests Chief Executive, Terry McFadgen, will retire from his position in April next year.

Mr McFadgen has advised the company that he will not seek to renew his employment contract at that time, and intends to retire from full time executive activity.

The Company’s chairman, Sir Dryden Spring, said the Company will conduct an extensive executive search programme over the next six months to identify and appoint a new Chief Executive.

Sir Dryden said Terry McFadgen had made an outstanding and lasting contribution to Fletcher Challenge Forests as its first Chief Executive after separation. Under his leadership the Company had been rebuilt with a solid financial and operational base, and was now very well positioned for growth and expansion.

“Terry’s achievements are well demonstrated in the Company’s result for the 2001/2002 financial year, which represented a significant turn around in financial and operational performance across all aspects of the business. Most importantly, he has given the Company a strong foundation from which to move forward.

“That result has been achieved under considerable pressure, and his leadership skills and tenacity are greatly appreciated by the Board and by all staff.

“Terry’s decision to retire from full time executive work is a loss for the New Zealand corporate community, but I am sure that he will continue to contribute his skills and experience in other roles.

“Fletcher Challenge Forests is now very focussed on continued growth and performance improvement, especially in marketing, distribution and value-added processing. This strategic focus will be vigorously progressed under Terry McFadgen’s leadership over the next six months while the search for his replacement continues” Sir Dryden said.

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