Fletcher Building has called in high-profile Australian corporate consultants to gauge the mood of its major shareholders.
Leaked correspondence revealed Fletcher Building shareholder Simplicity, the New Zealand Shareholders Association (NZSA) and Blackbull Research wrote to the listed building giant in late February formally calling for an “orderly” resignation of its entire board and an independent valuation of the business if it were broken up.
The abrupt resignation of chairman Bruce Hassall on Monday was welcomed by the letter’s authors, with Simplicity founder Sam Stubbs saying Hassall’s exit should be the “first of many”.
The letter said the board should regard Hassall and chief executive Ross Taylor’s ousting as the beginning of changes at board level rather than a full and final resolution of Fletcher’s difficulties.
The company’s board announced Hassall’s immediate departure on Monday morning and revealed Barbara Chapman had been appointed acting chair. Chapman will lead the search process for the new chair, both internally and externally. She will not be a candidate for the permanent chair role.
