Fletcher’s departure

Long-time Fletcher Building construction chief Graham Darlow is retiring from the company. The firm, which has been in the news this week over a substantial profit downgrade, said Darlow’s replacement, Michele Kernahan, would take over immediately as head of its construction division. Fletcher expects its annual profit to be down by up to $150 million, due to losses or impairments on two unnamed projects being overseen by its building and interiors division. Darlow has been with the company for 29 years and chief executive of the construction arm since 2011. He worked on many landmark projects, including Te Papa and the Waterview connection in Auckland.