Fletcher Building appoints Sir Ralph Norris to the board
Jan. 21 (BusinessDesk) - Fletcher Building, the country’s biggest listed company, has appointed former Commonwealth Bank
of Australia boss Sir Ralph Norris to its board as it prepares for the departure of chairman Ralph Waters later this
year.
Norris’s appointment as an independent director will be effective from April, and will temporarily swell the board’s
size to nine until Waters’ retirement at the end of the year, the Auckland-based company said in a statement. Norris is
current a director of Fonterra Cooperative Group and Origin Energy, and has previously been chief executive of CBA and
Air New Zealand.
“He will bring valuable skills and experience form leading large organisations, both in New Zealand and Australia,”
Waters said.
The appointment comes after a column in the New Zealand Herald on Saturday by Milford Asset Management’s Brian Gaynor
questioning the strength of Fletcher’s governance, and the apparently low level of communication between chairman Waters
and chief executive Mark Adamson.
Shares in Fletcher slipped 0.5 percent to $8.93 yesterday, and are up 4.9 percent this year.
(BusinessDesk)