The battle for control of struggling construction firm Fletcher Building is heating up, with several large shareholders reportedly throwing their support behind former Port of Tauranga chief executive Mark Cairns to become its next chair.
The dual-listed giant has had a torrid year, posting a $120 million first-half loss and losing its chair, Bruce Hassall, and CEO, Ross Taylor – both of whom brought forward their resignations amid ongoing shareholder discontent.
Chief financial officer Bevan McKenzie also resigned in the aftermath of the shock result, which the building giant blamed on an array of factors, including ongoing costs associated with the fire-affected Auckland convention centre build.
Since Hassall left, Barbara Chapman has chaired Fletcher in an acting capacity. The search for a new chair is ongoing.
