A day before releasing what are expected to be bad figures, Fletcher Building (ASX:FBU) has finally named a new CEO in the shape of former executive, Andrew Reding.
He will start on Thursday, 22 August, as a director of the company and become CEO from 30 September.
The end-of-first-quarter start date will give him a “clean slate” so far as the problematic 2023-24 annual results in New Zealand and Australia.
Acting Fletcher Building Chair Barbara Chapman said in Tuesday’s statement that the new CEO was found after an extensive global search.
“The Board is pleased to have secured a Group CEO & MD of Andrew’s calibre, experience, and respect in the market. His deep understanding of the sectors we operate in, coupled with his knowledge of Fletcher Building, makes him the ideal executive to lead the Group at this time.”
She said the new CEO had 35 years in the building and construction industries, including 11 years at FBU.
During his time at Fletcher Building, Reding held the roles of Chief Executive of Building Products and Steel from 2001 to 2006 and Managing Director of Fletcher Wood Panels from 1997 to 2001.
According to Fletcher, Reding’s management career includes senior executive roles with Rank Group Ltd, where he was President and CEO of Evergreen Packaging Inc., a global business with US$1.7 billion revenue, and CEO of Carter Holt Harvey Pulp, Paper & Packaging with more than NZ$2.3 billion revenue.
Mr Reding has more recently been involved in seismic engineering, steel waste repurposing, and clean tech start-ups. He is a long-serving director and current Chair of the New Zealand Shareholders’ Association (NZSA). He will resign all other positions to concentrate on his new role.
His first major task will be to call a review into FBU and work out what and who needs to be kept, sold, or cut. The 30 June results on Wednesday will give him more than enough ideas.