Fulton Hogan chairman Mike Holloway to leave at the end of the year
Mr Holloway blames the effects of sustained air travel on his health.
Fulton Hogan chairman Mike Holloway will leave the board of the civil construction firm because of health issues at the end of the year, a changing of the guard that may see director David Faulkner named as replacement at the privately-held company.
In a letter to shareholders last month, Mr Holloway said he plans to end a nine-year relationship with the company as of 2016, and signalled recently elected Mr Faulkner, a former managing director of the firm, will take over the chair.
"The purpose of this letter is to advise you that, after four years as Fulton Hogan's chairman, and a separate five-year term as a director, I have made the decision to conclude my formal association with the company as a director and chairman, bringing to a close my tenure at the end of the calendar year," Holloway wrote on October 11. "I have made the decision with great regret; however the impact of sustained air travel on my health has made the decision unavoidable."
The change in the boardroom comes ahead of managing director Nick Miller's exit in March, who has led the firm since 2010 and is himself an 18-year veteran at the firm. Recent appointments to the executive team include chief financial officer Rob Woodgate, a former chief financial officer at Silver Fern Farms and PGG Wrightson, joining the firm in September, and ex-Fletcher Building executive Mark Malpass being appointed general executive manager of strategy and corporate development in August.
In September, Fulton Hogan reported an 11% increase in annual profit to $168.7 million for the June 2016 year as acquisitions including quarries in Auckland, Waikato and Wairarapa and a joint venture in Melbourne operating an asphalt plant, combined with the introduction of new systems and technology to widen the firm's margins.
(BusinessDesk)
Paul McBeth
Mon, 07 Nov 2016
Mon, 07 Nov 2016
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Fulton Hogan chairman Mike Holloway to leave at the end of the year
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