Fletcher Building's outgoing boss Mark Adamson has forfeited $8 million worth of shares.
A disclosure notice of directors and senior managers relevant interests to the New Zealand stock exchange this morning revealed Adamson forfeited 1,061,652 shares worth $8,014,105.
His sudden departure was announced by Fletcher yesterday. The company said Adamson would receive his contractual entitlements, but all of his share options would lapse and he would forfeit all shares in its long term incentive scheme.
He would not be paid a short term incentive relating to the 2017 financial year.
Yesterday the company revealed full-year operating earnings guidance was sliced from a top range of $760 million earlier this year to just $525m now and a $220m impairment hit is being taken on two big business units.
Joost van Amelsfort, NZX head of market supervision said the NZX would look into Fletcher's announcements today.
