Fletcher's 'Mr Fixit' relinquishes helm for sidelines

Ralph Waters presents his final annual result for Fletcher Building at Auckland's Crowne Plaza Hotel. Picture / Kenny Rodger

Yesterday's Fletcher Building result marked the end of an era for chief executive Ralph Waters, who has transformed the company in five years at the helm.

Waters - nicknamed Mr Fixit - has had an impressive run.

When he took over in June 2001 the shares were valued at $2.32. This year they have traded as high as $9.70.

A year into his tenure, dividends were 14c. Now, they are 40c.

Plus he has managed to spend $1.6 billion.

After delivering his final profit announcement, he thanked journalists, whom he described as "an absolutely pleasant bunch", and stepped down from the podium at the Crowne Plaza for the final time.

Fellow Australian Jonathan Ling takes the helm until September 1, so this was Waters' last time presenting the annual result.

Waters recommended Ling as a "dinkum good bloke".

Referring to Ling's Chinese heritage, Waters said the new chief "might look like he comes from slightly north of here but he's a fifth-generation Australian and had more meat pies than me".

Waters will continue to hold a number of New Zealand directorships including a seat on the Fonterra board.

"Thank you for your support and interest," he told reporters at the Fletcher gathering, "and I'll join you in watching from the sidelines".