Fletcher Building chairman Ralph Waters is retiring from his role early.
In an unexpected announcement to more than 200 Fletcher Building shareholders at this morning's annual meeting, he said he would leave at the end of next year. He was not due to retire till March 2015.
Waters association with NZ biggest company is seen by the market as one of the reasons for its global success. The Australian has been with the company, either as chief executive or chairman, for more than a decade.
Shareholders are now listening to him telling of a mixed year - with a depressed Europe, declining Australian operating earnings and an unchanged dividend meant the June 2013 year was one of mixed fortunes, he said.
