Fletcher Forests CEO to retire next year

By NZPA

Monday 30th September 2002

Fletcher Challenge Forests chief executive Terry McFadgen is to retire from his role in April next year.

Mr McFadgen said in a statement that he was stepping down from full-time executive life and would not seek renewal of his Fletcher contract.

The company is to embark on a six-month search for a new chief executive.

Company chairman Sir Dryden Spring paid tribute to Mr McFadgen, saying he had made an outstanding contribution as Fletcher Forests' first chief executive after the break-up of Fletcher Challenge companies.

"Terry's achievements are well demonstrated in the company's result for the 2001/2002 financial year, which represented a significant turnaround in financial and operational performance across all aspects of the business...

"That result has been achieved under considerable pressure and his leadership skills and tenacity are greatly appreciated..."

In August, Fletcher Forests' board failed to win shareholder support for the reincarnation of its partnership with Chinese company Citic to buy the Central North Island Forest, currently in receivership.

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