Fletcher Building’s acting chair Barbara Chapman says she will leave the board when the building giant appoints a new chair.
Fletcher Building is holding its annual general meeting today and shareholders will gather in Auckland to confront the weak performance of the firm which led it to raise $700 million to relieve pressure from its balance sheet.
In prepared speech notes published to the New Zealand Exchange on Wednesday morning – Chapman was not present as she has Covid – she said it had been a frustrating and challenging period for shareholders.
“The performance of the company, as reflected in its share price and dividend payouts, is not where any of us want it to be, and shareholders have rightly expressed their concerns and disappointments. We share that concern and disappointment.”
Fletcher posted a more than $220m loss and has been beset by legacy construction project cost blowouts, leaky pipe claims in Western Australia and a weak NZ economy. It has warned volumes could be down as much as 15% year-on-year in the 2025 financial year.
