Ex-PwC boss Bruce Hassall appointed Fletcher chairman
Four new independent directors also appointed as part of corporate restructure.
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Hawke’s Bay
Fletcher Building has appointed the former PwC chief executive Bruce Hassall as chairman, replacing Sir Ralph Norris when he steps down in September.
Mr Hassall joined the company as an independent director in November last year and is also a director at BNZ, Fonterra Cooperative Group and Prolife Foods. He retired from PwC in 2016 after a seven-year stint.
Mr Hassall will relinquish his role as chairman of the audit and risk committee upon appointment.
Fletcher today announced the appointment and a further board shakeup as part of a corporate restructure the company says will save it $30 million a year.
Barbara Chapman, Robert McDonald, Douglas McKay and Cathy Quinn have been appointed as independent directors from September 1.
“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," Sir Ralph says in a statement.
Fletcher says two of its independent directors, Alan Jackson and Cecilia Tarrant, will leave the board in at the next annual shareholders meeting and in September respectively.
The new model
Yesterday Fletcher said all Australian operations will become a single division led by Dean Fradgley, presently chief executive of distribution. Today it says an Australian director will be appointed in the coming months.
The new operating model will add $85-95 million in one-off costs to the results for the year ending this month.
Sir Ralph resigned as chairman and director of Contact Energy last Thursday, which will leave him with no significant board seats by the end of the year.
A Contact spokesman told NBR the company had tested Sir Ralph’s appetite to remain on the board “after the Fletcher thing” and it appeared he was approaching the end of his corporate career.
Sir Ralph is also a former director of Commonwealth Bank, Air New Zealand, Fonterra, ASB Bank and Team New Zealand.
Mackenzie Smith
Wed, 11 Jul 2018
Wed, 11 Jul 2018
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Ex-PwC boss Bruce Hassall appointed Fletcher chairman
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