Carter Holt prunes ranks of CSFB

Carter Holt Harvey has plucked yet another associate of investment bank Credit Suisse First Boston for its top management ranks with the appointment of Michael Falconer as chief financial officer.

Auckland-based Falconer, 35, is a director of investment banking with CSFB affiliate First NZ Capital.

Former Carter Holt chief executive Chris Liddell, now in the United States as chief financial officer for Carter Holt's parent company, International Paper, was also recruited from CSFB.

Liddell's wife, Bridget Wickham, a former Carter Holt executive, was a director of CSFB.

Falconer advised Carter Holt on the sale of its tissue business for nearly $1 billion last May.

He starts on May 9 and replaces Jonathan Mason, who has taken up a senior finance role with International Paper.

Carter Holt chief executive Peter Springford said the relationship between the company and First NZ Capital was "strong" but Falconer's career was in international finance "dealing with all the major forestry companies in North America and Europe".

He had won the tissue sale advisory role from other investment bankers, and "delivered in spades".

Carter Holt also says general manager of finance, strategy and investor relations, Maree Webster, has a new job from May 1, responsible for supply chain, information technology, procurement and distribution.