Fletcher Building's departing CFO Bevan McKenzie (right), pictured in 2020, when Sir Ralph Norris (left) was on the board. Photo / Greg Bowker
Fletcher Building's departing CFO Bevan McKenzie (right), pictured in 2020, when Sir Ralph Norris (left) was on the board. Photo / Greg Bowker
Fletcher Building chief financial officer Bevan McKenzie is following chief executive Ross Taylor and chairman Bruce Hassall out of the door.
McKenzie had once been tipped as a possible successor to Taylor but today acting chief executive Nick Traber announced McKenzie’s resignation.
“Over the past seven years, Bevan has been a key member of the executive team. He has played an important role in focusing the group on its core businesses, enhancing their performance, and putting in place quality growth strategies. We thank him for his contribution and wish him well for the future,” Traber said.
McKenzie will leave on October 4. Taylor and Hassall have already left.
Oliver Mander, chief executive of the Shareholders Association, and Sam Stubbs, managing director of KiwiSaver provider Simplicity NZ, reiterated previous statements that new directors are needed on the Fletcher board.
NZ Shareholders chief executive Oliver Mander has been among those calling for changes on the Fletcher Building board. Photo / Michael Craig
Mander said the crucial factor was risk and what steps the board had taken to mitigate that “because issues keep arising”.
Current directors are Martin Brydon, Barbara Chapman, Peter Crowley, Sandra Dodds, Rob McDonald, Doug McKay and Cathy Quinn.
Chapman is now acting chairperson.
The association was concerned about the board’s ability to shed risk “but very clearly with the latest provision, and the potential for how the Iplex situation is unfolding in Australia, that seems a very valid concern”, Mander said.
Stubbs has complained about Fletcher’s continually declining share price.
The board had been entrusted with shareholder and KiwiSaver money to increase the share value, he said.
Yet every two to three years, something went wrong and they said they would change their ways but then there was a continual series of disasters.
“They say sorry every time. We need less excuses and more excellence.
“It’s time for the board to have a serious think about are they actually the people who should be governing the company and basically looking after KiwiSaver investments,” Stubbs said.
Fletcher Building shares are trading around $4.09, down 8 per cent annually.
Anne Gibson has been the Herald’s property editor for 24 years, has won many awards, written books and covered property extensively here and overseas.
