Fletcher Building has announced a board shakeup, named former PwC chairman Bruce Hassall as its chairman and appointed four other new directors.
Hassell's appointment follows chairman Sir Ralph Norris resigning on the back of nearly $1 billion of losses from big construction contracts like Sky City's convention centre and Christchurch's Justice Precinct.
Hassall, a Fletcher director since March last year, will take up the top position on the board from September.
Other directors named today include former ASB chief executive Barbara Chapman, Robert McDonald, Douglas McKay and Cathy Quinn.
Two current independent directors will depart the Fletcher Building Board in the coming months.
The shakeup follows the company revealing its five-year strategy yesterday that includes a $95m restructure.
"When I announced that I would step down as chairman in February I committed to first completing the CEO transition and board refresh I had commenced, and I am pleased with the progress that has been made," Norris told the stock exchange said this morning.
"Our chief executive Ross Taylor is now firmly established in the role and has led the development of a focussed strategy that aims to deliver long-term growth for shareholders," he said.
"Our four new independent directors are high calibre individuals, who bring a mix of commercial, operational and governance expertise, which will greatly enhance the experience and diversity of the Board.
"While our original intention was to seek a director with construction experience, with our appointment of Ross Taylor who has considerable expertise in this area, our decision to exit the vertical construction sector, and a new strategy in place, we believe the appointments we have made will best support the company's new strategic direction.
"I am confident the new chairman and board will provide strong leadership and support to the CEO and Executive in the coming years to further strengthen the business and help Fletcher Building realise its full potential," he said.
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