Fletcher Building CEO to retire
Mon, 18 Jun 2012 10:01a.m.
Fletcher Building has named Mark Adamson, an executive it picked up with the 2007 acquisition of Formica, as new chief executive to replace Jonathan Ling.
Mr Adamson, currently Fletcher's chief executive for laminates and panels, will take up the top job starting on October 1.
The appointment follows a global search for a new CEO after Mr Ling said he wanted to retire after six years in the job, the Auckland-based company said in a statement.
Mr Adamson was the unanimous choice of the board, which was "impressed with what he had achieved in his current role and the vision he has for Fletcher Building," chairman Ralph Waters said.
Under Mr Ling, the company made acquisitions including Formica and Australian pipe manufacturer and distributor Crane which doubled the size of the business.
At the same time, the company's shares have shed about a third of their value, having peaked in 2007 before tumbling with the global financial crisis and local recession in 2008.
Much hope for earnings growth has been loaded onto the rebuild of Christchurch, where Fletcher is overseeing the rebuild efforts on behalf of the government.
Mr Adamson is a 46-year-old British chartered accountant who joined Formica in 2000. He is currently based at the Formica headquarters in Cincinnati.
His pay will be $1.5 million and he will receive two tranches of 500,000 share options, granted three years apart, Fletcher said.
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27/07/2012 10:06:15 p.m.
Formica Worker wrote:
LETTER FROM A DESPERATE WORKER OF FLETCHER BUILDING
I am sending this letter in order to share my hopelessness and dramatic situation with you.
I have been working in Formica Galdakao for the last 33 years. I am 54 years old and I consider this factory my home. I have never known any other work relationship but this one. During all the past years my life and my hopes have been placed in this plant. Hopes in the future I shared with my colleagues of the factory. My skills have grown in Formica together with my two children, fed by the pride of working for this big company.
A few years ago we were summoned to be greeted, year 2008 had been record in sales and benefits and we shared the good news. Last June 28, without any previous notice, we are suddenly told that our future, our children's is doomed to the total darkness: our plant will be closed in a few weeks. The reasons given are really poor, we are just told that the spanish market's demand has decreased and it is not possible to keep our plant going.
You would not expect our plant to have survived for 66 years selling only to domestic market, would you? We exported to foreign countries and distributed our quality laminates through all Europe, but Reset project came to shrink this expansion and deviate production to other plants. Production would be shared among all plants, Formica Group Head Office said.
In your web of Fletcher Building great words can be read: you speak of high values, respect for the community and the workers, the importance of being called a "Fletcher Bldg worker". Sorry , but in this moment we feel abandoned, you have forgotten the workers of Formica Galdakao leaving 200 families at the edge of the blackest pitch, facing the worst situation of unemployment ever lived in our lives.
Please accept my excuses for daring address you my discomfort.
Signed: Javi, Jon & Yolanda
Proud workers of Formica Galdakao (Fletcher Bldg Group)
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