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Wednesday 3rd June 2009 |
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Ralph Waters will return to a leadership role at Fletcher Building in 2010, with the board tapping the former chief executive to replace chairman Roderick Deane when he retires in March.
Waters ran the company for five years until his retirement in 2006 and the stock almost quadrupled under his tenure reaching about $8.67 when he left at the end of August 2006. The stock traded at $6.98 today.
New Zealand’s largest construction company also announced the retirement of directors Paul Baines and Geoffrey McGrath effective June 30. Two replacements, Gene Tilbrook and Alan Jackson, were announced as independent directors joining the board from Sept. 1.
Tilbrook was Finance Director at Australia’s Wesfarmers Ltd. until his retirement last month. Jackson is Australasian chairman of Boston Consulting Group.
The changes to board membership will reduce the size of the board to eight members from nine.
Businesswire.co.nz
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