Fletcher Building announces new CEO ahead of results

Tuesday, 20 August 2024

SkyCity boss Graeme Sinclair and Fletcher Building chief executive Ross Taylor address media

Fletcher Building announced its incoming chief executive and managing director Andrew Reding on Tuesday, a day ahead of its full-year financial results.

The move comes six months after former chief Ross Taylor stepped away from the role after the company posted a $120 million net profit loss in its half-year results.

Acting board chair Barbara Chapman said Reding’s appointment came after “an extensive global search”.

“Andrew is a highly experienced business leader who has held numerous key operational leadership roles in the construction materials and building products sectors over the past 35 years, including 11 years at Fletcher Building,“ Chapman said.

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Reding is rejoining Fletcher Building after 18 years. He served as the company’s chief executive of building products and steel from 2001 to 2006 and the managing director of Fletcher wood panels from 1997 to 2001.

“I’m excited to return to Fletcher Building … Fletcher Building is a company with enormous potential and opportunities, staffed by excellent people and I’m energised by the opportunity to lead them,” Reding said.

Nick Traber served as acting chief executive since Taylor’s departure.

“Nick has been instrumental in providing stability at a critical time, and the board would like to thank him for his energy and leadership during this period and wish him and his family all the very best for their return to Switzerland,” Chapman said.

Former Fletcher Building chief executive Ross Taylor resigned from the role earlier this year after the company posted a $120m loss in its half-year earnings.

In the announcement, Chapman said Reding was the former president and chief executive of American-owned Evergreen Packaging, “a global business with US$1.7 billion revenue and chief executive of Carter Holt Harvey Pulp, Paper & Packaging with more than NZ$2.3 billion revenue.”

Reding is currently the board chair at the New Zealand Shareholders’ Association and waste management companies Hydroxsis and Avertana.

In February, Fletcher Building said Taylor and board chair Bruce Hassall would step down at the company's annual shareholders’ meeting this year.

At the time, Taylor downgraded the company’s earnings outlook for the full year to $540m to $640m, around 20% below market expectations.