Fletcher Building chief financial officer Bevan McKenzie is following chief executive Ross Taylor and chairman Bruce Hassall out of the door.
Thank you for reading this post, don't forget to subscribe!McKenzie had once been tipped as a possible successor to Taylor but today acting chief executive Nick Traber announced McKenzie’s resignation.
“Over the past seven years, Bevan has been a key member of the executive team. He has played an important role in focusing the group on its core businesses, enhancing their performance, and putting in place quality growth strategies. We thank him for his contribution and wish him well for the future,” Traber said.
McKenzie will leave on October 4. Taylor has already left and Hassall will go after the annual meeting later this year.
In February, calls were repeated for changes to Fletcher Building’s board after a trading halt before the poor half-year result.
Oliver Mander, chief executive of the Shareholders Association, and Sam Stubbs, managing director of KiwiSaver provider Simplicity NZ, reiterated previous statements that new directors are needed on the Fletcher board.
Mander said the crucial factor was risk and what steps the board had taken to mitigate that “because issues keep arising”.
Chapman is now acting chairperson.
The association was concerned about the board’s ability to shed risk “but very clearly with the latest provision, and the potential for how the Iplex situation is unfolding in Australia, that seems a very valid concern”, Mander said.
Stubbs has complained about Fletcher’s continually declining share price.
The board had been entrusted with shareholder and KiwiSaver money to increase the share value, he said.
Yet every two to three years, something went wrong and they said they would change their ways but then there was a continual series of disasters.
“They say sorry every time. We need less excuses and more excellence.
“It’s time for the board to have a serious think about are they actually the people who should be governing the company and basically looking after KiwiSaver investments,” Stubbs said.
Fletcher Building shares are trading around $4.09, down 8 per cent annually.