Fletcher Building has completed a boardroom refresh, appointing Australian Martin Brydon as a non-executive director from next month, says outgoing chair Ralph Norris.
Brydon adds construction experience to the board with 40 years’ experience in the sector. He’s currently managing director of ASX100 building products company Adelaide Brighton, where he will finish up later this year.
“Our new strategy focuses Fletcher Building on the New Zealand and Australian markets, and we believe the addition of a director with such extensive experience in Australia will be a valuable addition to our board,” Norris says.
Last week, Fletcher Building reported a $190 million annual loss for the 12 months to June 30, compared to a $94 million profit the previous year. This follows huge losses in its Building + Interiors unit due to delays and cost overruns on several major construction projects. A key part of the overhaul includes concentrating on its core markets of Australia and New Zealand.
Norris will step down at the annual meeting later this year, having presided over a board that dumped former chief executive Mark Adamson after profit warnings that were driven by problems at B+I.
In June, Norris announced the board’s audit and risk committee chair Bruce Hassall would succeed him and that four new independent directors had been appointed from September. At the time he said a new Australian director was expected to join the group in coming months.
Brydon’s appointment “now completes our planned refresh,” said Norris.
The four new directors include former ASB managing director Barbara Chapman, former Air NZ chief financial officer Rob McDonald, and Doug McKay, who over his career has headed up Lion Nathan, Carter Holt Harvey, Goodman Fielder, Sealord, Independent Liquor and Auckland Council.
Two current directors – Alan Jackson and Cecilia Tarrant – leave the board.
Fletcher director and Xero chief executive Steve Vamos has been considering his boardroom roles and this month said he’d leave the Telstra board at this year’s annual meeting.
Fletcher Building traded up 0.8 percent at $6.40, having declined 13 percent so far this year.