A fashion guru from overseas to run PlaceMakers etc
Well, I guess it’ll work out just fine
http://nzx-prod-s7fsd7f98s.s3-websit...889/413567.pdf
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A fashion guru from overseas to run PlaceMakers etc
Well, I guess it’ll work out just fine
http://nzx-prod-s7fsd7f98s.s3-websit...889/413567.pdf
SP continuing on it's merry way up 3%.
The job might need a name change to something more flash .. how about AMA-FBU or AMBUILD ? :)
Might cost a few mil to toss out the past relics and rejig a new Image - but it might be necessary
if the systems are getting an expensive all gloss over
Can't expect a new Fashionista to hang out in dreary old digs of the past bygone with antiquities of decades of previous largescale carnage adorning the walls & shelves :)
But what happens if some of those old systems & methodologies were the best gold producing ones FBU ever had or possesses now ? ;)
Happened before - hasn't it - with newly installed brooms tipping upside down what was there & things turning .. well .. ?
What I am hearing is that several business unit's are struggling with the way the younger people approach the job. (being super diplomatic with my choice of words).
Therefore, like what Adamson did, enforcing change for the long term to bring NZ into the modern world is probably the right thing to do.
They're bringing in consultants to gauge shareholder mood? Really? I wonder what "legacy" that little exercise will reveal...
Guess that answers my question as to whether or not FBU management are in tune with anything at all.
I would think they are either going to sell each business unit and wind down FBU itself or start the process of looking at selling Non Core Assets. Could they float some of these as IPO yet control the business by holding 51%?? I wonder if there would be a market appetite for this??
Note the reason for this mess is the Legacy Estimates done by Adamson and his team especially those Fixed Estimates. Construction division in this case if not done right will always bring down any business regardless how well the rest of the company does as we deal with telephone numbers.
FBU is already the remnant of the Fletcher Challenge Group which sold off a lot of peripheral assets (St Lukes, Wrightson, Rural Bank) in the 1990s and then, sold off Fletcher Energy & Paper and then, Forests was taken over - leaving just Building to carry on the legacy.
Doubt very much there will be any further split and they are selling off non peripheral assets anyway.
Big mistake made by the current Board and management team is the decision to totally shut down the big project construction division, leading to the loss of all the long serving experienced staff (good went first as they could easily get jobs). That has compounded their problems in completing the legacy projects rather than helping.
There will always be Fletcher Legacy in NZ Balance even if it doesn't say Fletcher, but this is pure and simple math's. Legacy's don't matter for much when one finds yourself in a large pickle.
Its either that or they better hope the Iplex issue doesn't cost them more telephone numbers and that the Convention Centre in AKL write offs are complete.
Yeah maybe but Taylor was adamant that they were doing no more vertical construction early in his watch whist he cleaned up this mess. Not sure what he would have done once they had cleared the cupboards.. Sadly has fallen on his sword.
Formica was a good buy
This out of the Herald tonight. It was paywalled so just clipped what article said about FBU.
Fletcher Building added 12c or 2.87 per cent to $4.30 after reports that it is holding mediation talks in Western Australia over the Iplex pipe issue.Goodson said it was strange that the leaking pipes were only in Western Australia and not in other states. It might be a case of installation, but it would be a good sign if Fletcher could reach some outcome and avoid the worst situation of a product recall, which would be expensive.
https://www.nzx.com/announcements/428490
CEO Transition
As part of the previously announced CEO renewal process, Fletcher Building Limited (“the Company”), today announced that the Board has appointed Nick Traber as Acting CEO of the Company, replacing Mr Ross Taylor, effective from 29 March 2024 for an interim period until a permanent CEO is appointed.
Mr Traber has been Chief Executive of the Company’s high performing Concrete division since January 2021. During his tenure he has improved the operational performance of the division, including lifting its performance in health & safety, customer satisfaction, sustainability, and innovation along with a strong and improved financial performance. Prior to joining the Company, Mr Traber held CEO roles within leading concrete and building materials company, Holcim, in Europe and South America.
The Board is progressing a robust CEO search process which includes Mr Traber as an internal candidate, as well as external candidates. The process for the appointment of a permanent CEO will conclude following appointment of the new Company Chair.
To ensure an orderly transition, Mr Taylor will remain available to support Mr Traber and the business as required until 23 August 2024.
Mr Taylor commented that he is pleased to see Mr Traber appointed as Acting CEO: “Mr Traber has participated in a robust internal succession process and has an impressive track record of strong performance and effective leadership.” Mr Taylor looks forward to being available to support Mr Traber in the coming months.
The Board appreciates the contribution Mr Taylor has made in the role and his availability to support Mr Traber over the next few months as required.
Mr Thornton Williams will be appointed acting CE of the Concrete division while Mr Traber is acting in the CEO role. Mr Williams is currently CFO of the Concrete division.
Board Renewal
As also previously announced, the Board of Fletcher Building Limited has committed to a Board renewal process to identify replacement directors and the appointment of a new Chair.
The Board is working with Johnson Partners to assist with this process, and discussions are continuing with potential external candidates. The renewal process will bring new skills and perspectives to the Board, to assist with the options available for the election of a new Chair. The Board is committed to finalising the Board renewal process as soon as possible.
To facilitate the process of Board renewal, Mr Doug McKay has informed the Board that he will step down with effect from 30 June 2024. Additionally, Mr Rob McDonald has advised the Board that he will not stand for re-election at the next annual shareholders’ meeting in October and will retire from the Board at that time.
An orderly transition of their Board and Committee responsibilities will occur as the Board supports management in the financial year end processes and in other key areas.
The Board wishes to thank Mr McKay and Mr McDonald for their very significant contributions to the Board over the past five years.
#Ends.
Who is the 13% share holder, Allan Gray ( some equity fund I gu) but what is their track record etc ?
The PM has outlined changes that are going to make it easier to build using overseas certified products in a speech this morning.
The good old days of a monopoly down at FBU are looking like they are going to be over.
Think of Wallboard as an example. The Japanese standards for are higher. This will be able to be imported and used in building.
FBU would have to compete on price.
I think the idea is to reduce cost and to speed up the process. I. E take alot of these time consuming and costly decision making out of the Councils hands.
Sure, will take some time to bed in. But about time. You will be able to choose 20 probably superior products instead of one.
I would imagine plaster board would be an easy example to implement relatively quickly.
Long overdue change and no way should a decision like this be in the council's hands. National standards will lower rates and result in better more consistent decisions.
More snouts in the trough, execs awarded free shares even though share holders have lost $.
https://announcements.nzx.com/detail/429228