Fletcher appoints Nick Traber as acting chief executive
Fletcher Building has appointed Nick Traber as acting chief executive, replacing Ross Taylor, effective from March 29 until a permanent head is appointed, the company said in a statement to the NZX.
Two directors, Doug McKay and Rob McDonald would also follow chairperson Bruce Hassall out of the boardroom.
Fletchers reported a $120 million loss in the first half of its current financial year, and downgraded its earnings guidance for the full year to a range of $540m to $640m, up to 20% below market expectations.
McKay would step down on June 30 and McDonald would not stand for re-election at the annual shareholders meeting in October.
Traber had been chief executive of Fletcher’s concrete division since January 2021.
Prior to joining the company he held chief executive roles at concrete and building materials company Holcim, in Europe and South America.
Traber was an internal candidate to replace Taylor as well as external candidates. The appointment of a permanent chief executive would be completed after the appointment of a new chairperson, the company said. Taylor would be available to support Traber and the business as required until August 23.
Taylor said Traber had an impressive track record of strong performance and effective leadership.
Thornton Williams has been appointed acting chief executive of the concrete division. He is currently the divisions chief financial officer.
The board is working with Johnson Partners to assist with board renewal process and discussions were continuing with potential external candidates, the company said.
The new directors would bring new skills and perspectives to the board and provide options for the appointments of a new chairperson. The process would be competed as soon as possible, the statement said.
Fletcher shares were down 1.93% in morning trading at $4.06.