Fletcher Building loses CEO-designate

By Phil Boeyen, ShareChat Business News Editor

Wednesday 24th January 2001

Fletcher Challenge's restructuring efforts have suffered a minor setback with the company announcing that former Paper division boss Alexander Toldte will not be taking up his role at the helm of Fletcher Building (NZSE: FLB).

Fletcher Building is due to become a stand-alone company along with the Forests division under the Fletcher restructuring plan, which also includes selling the Energy business and setting up a new company called Rubicon.

Fletcher chairman Rod Deane says the news that Mr Toldte won't be heading Fletcher Building is disappointing.

"While this is a disappointment to us at this stage of the Fletcher Challenge separation process, it will not prevent us establishing a strong and independent future for the Building Division following separation."

Mr Deane says Fletcher Challenge boss Michael Andrews will become interim CEO of Fletcher Building until a permanent CEO is appointed.

Alexander Toldte joined FCL in 1999 from international consulting group McKinsey & Company where he was a partner and a co-leader of its global Pulp and Paper practice group.

The separation of Fletcher Challenge will be put to a shareholder vote in early March.

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