Forum Archive Index - May 2000

["G P Thompson" <gp.thompson@bitworks.co.nz>]

So the CEO is leaving.

 

Some possible scenarios.  Either

1. This is a routine event and is entirely for the reasons given in the press release.(See below) and completely incidental to the announced restructuring of FCL. OR
2. There are other events occurring within FFS and FCL that make a change attractive at this juncture. In my experience there are particular times in the lives of organisations that cause senior exec's to reassess their positions. An impending major change in ownership or strategic direction would be two such times. Watch this space!!

GPT

 

GEN: FFS: FLETCHER CHALLENGE FORESTS CHIEF EXECUTIVE DEPARTS

Paul Fowler, CEO of Fletcher Challenge Forests, will leave the company at the
end of 06/2000.  "I have been considering a change for some time," Mr Fowler
said.  "When I joined the company, my intention was to spend four or five
years as Chief Executive.  My goal was to establish a strong performance
culture, and set the company firmly on the way to realising its strategy of
adding value to its forest resources through local manufacturing.  I am
confident I have achieved this."
Mr Fowler joined Fletcher Challenge Forests in early 1996, having previously
held various executive positions in the oil and minerals sectors of BP.
During the past four years, Mr Fowler and his wife Judy have become New
Zealand citizens and established a vineyard on their farm south of Auckland.
"We have literally put down roots in New Zealand. "
Mr Fowler said that he would not be announcing any new plans immediately.
"But as anyone who knows me will be well aware, I thrive on new challenges
and opportunities."
Fletcher Challenge Chief Executive Officer Michael Andrews said that everyone
at Fletcher Challenge, and especially Forests, would join with him in wishing
Mr Fowler well for the future.  "It was Paul's decision that this was a good
time to leave.  As he says, he came here four years ago to do a very specific
job.  He brought skills we badly needed which have directly led to
operational improvements and enhanced performance by Fletcher Challenge
Forests.
"When he was appointed Paul predicted that in a few years at least half of
Forests' revenue would come from processed wood products compared to the then
10 percent of total revenue.  For the six months to the end of 12/99,
manufactured products made up 54 percent of Forests' total revenue. He has
done well."
Mr Andrews said that he expected to announce a replacement before Mr Fowler's
departure.
END