NZ-based Fletcher Building will move to an acting CEO after what appears to be a change in plan about the incumbent CEO, Ross Taylor.
In the original February announcement, Taylor was prepared to serve for a further six months, if needed after announcing his decision to retire.
As the company explained in the statement: "An international and domestic search for a new Group CEO will be progressed, leveraging the Company’s succession plan. The search process will be led by Non-Executive Director Barbara Chapman who Chairs the Company’s People and Remuneration Committee.
"Mr Taylor has a six-month notice period, which he will serve in full if required, to facilitate an orderly handover to his successor.”
That has changed, without explanation from the company which announced on Monday but Taylor will stick around the company until late August as part of this deal.
"As part of the previously announced CEO renewal process, Fletcher Building Limited, today announced that the Board has appointed Nick Traber as Acting CEO of the Company, replacing Mr Ross Taylor, effective from 29 March 2024 for an interim period until a permanent CEO is appointed, “ Fletcher announced on Monday..
"Mr Traber has been Chief Executive of the Company’s high performing Concrete division since January 2021. During his tenure he has improved the operational performance of the division, including lifting its performance in health & safety, customer satisfaction, sustainability, and innovation along with a strong and improved financial performance.
"Prior to joining the Company, Mr Traber held CEO roles within leading concrete and building materials company, Holcim, in Europe and South America."
Fletcher said “a robust” search for a new permanent CEO was “progressing” and the process "includes Mr Traber as an internal candidate, as well as external candidates.”
And the new chair for the company and directors?
Fletcher said that as previously announced, the Board of Fletcher Building Limited has committed to a Board renewal process to identify replacement directors and the appointment of a new Chair.
"The Board is working with Johnson Partners to assist with this process, and discussions are continuing with potential external candidates. The renewal process will bring new skills and perspectives to the Board, to assist with the options available for the election of a new Chair,” the company said in the statement.
"The Board is committed to finalising the Board renewal process as soon as possible."
Fletcher said that two directors will be departing the board in the next few months.
The company said Doug McKay had "informed the Board that he will step down with effect from 30 June 2024. Additionally, Mr Rob McDonald has advised the Board that he will not stand for re-election at the next annual shareholders’ meeting in October and will retire from the Board at that time.
