Fletcher dumps Aussie distribution chief in ANZ merger, CIO departs
By Jonathan Underhill
Aug. 3 (BusinessDesk) - Fletcher Building has dumped its Australian head of distribution and will merge the business
with its New Zealand counterpart, while separately announcing the departure of chief information officer Carl Powell.
The merged division will include the New Zealand PlaceMakers and Mico distribution businesses, the New Zealand steel
distribution businesses, and Tradelink in Australia, chief executive Mark Adamson said in a statement. Dean Fradgley,
currently chief executive of New Zealand Distribution, will head the new division, while Tim Hickey will leave the
company after just two years in charge of Australian distribution.
"We believe we can drive further performance enhancements through a unified management structure and better leverage
Fletcher Building’s capabilities across the expanded distribution portfolio," Adamson said.
He said Hickey, who had previously worked with private equity, had initially been hired on a short-term contract to
transform the Tradelink business.
Adamson also said CIO Carl Powell was leaving the company and would return to the UK for personal reasons. A search has
begun to find a replacement.
In May, Fletcher reiterated its guidance for operating earnings before one-time items to be at the lower end of a
forecast range of $650 million to $690 million in the 12 months ended June 30. First-half earnings fell 26 percent after
the company took charges for site closures and to write down goodwill on its Forman Contracting business. Earnings from
Australia dropped 36 percent.
Fletcher shares rose 0.4 percent to $7.95 and have fallen 4.6 percent this year.
(BusinessDesk)