FBU fletcher building limited

Ann: OFFICE: FBU: FBL appoints Mark Adamson CEO o

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    • Release Date: 18/06/12 11:00
    • Summary: OFFICE: FBU: FBL appoints Mark Adamson CEO on Jonathan Ling retirement
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    FBU
    18/06/2012 09:00
    OFFICE
    
    REL: 0900 HRS Fletcher Building Limited
    
    OFFICE: FBU: FBL appoints Mark Adamson CEO on Jonathan Ling retirement
    
    Auckland, 18 June 2012 - Fletcher Building chairman, Mr Ralph Waters,
    announced today that Jonathan Ling will retire as Chief Executive Officer and
    Managing Director on 30 September 2012. Jonathan will be returning to
    Melbourne where he was based prior to moving to Auckland when he was
    appointed Chief Executive Officer six years ago.
    
    Mark Adamson has been appointed Chief Executive Officer and Managing Director
    and will take up the role on 1 October 2012. Mark is currently Chief
    Executive of the Laminates & Panels division, which includes the Laminex
    business in Australia and New Zealand, and the Formica business with
    operations in North America, Asia and Europe.
    
    "Jonathan indicated to the board when he was appointed to the chief executive
    officer position that he intended to serve for about five years, and he feels
    that having completed six years this is the right time for him to retire," Mr
    Waters said.
    
    The search process to find a replacement for Jonathan included existing
    members of the executive team and a global search for external candidates.
    The role attracted significant interest from senior executives in New Zealand
    and overseas. Mr Waters said it was especially pleasing that Jonathan's
    successor was selected from the current executive management team given the
    strength of the external applicants.
    
    Mr Waters said the board was unanimous in selecting Mark Adamson as the new
    chief executive officer, and said directors were impressed with what he had
    achieved in his current role, and the vision he has for Fletcher Building.
    
    "Mark Adamson has done an outstanding job at Formica, undertaking difficult
    restructuring early in his tenure as global president of that business, and
    more recently successfully growing its earnings in developing markets
    particularly in Asia. His leadership has enabled Formica to deliver continued
    operational performance and earnings improvements year after year despite
    very challenging conditions in many of its markets", Mr Waters said.
    
    "Beyond that, the board were impressed with Mark's understanding of the
    opportunities and challenges across the whole of the group, and the clear
    strategic direction and vision he can bring to Fletcher Building. Over the
    next few years we will look to grow earnings regardless of economic
    conditions in each of our core markets, and Mark's ability to deliver
    continued operational performance improvements and to also identify and
    execute strategies for
    profitable growth make him ideally placed to lead the company over this next
    period," Mr Waters said.
    
    Mark Adamson is a 46 year old British national with an honours degree in
    Finance. He qualified as a Chartered Accountant with Deloitte. He has had
    extensive experience in senior financial roles in several industries. He
    joined Formica in 2000 and has held senior operational management roles since
    2003. Mark is currently based at Formica's headquarters in Cincinnati, Ohio
    (USA) and will relocate to Auckland with his family.
    
    Mr Waters thanked Jonathan Ling for his leadership of Fletcher Building over
    the past six years.
    
    "As chief executive, Jonathan has overseen two large acquisitions which have
    nearly doubled the size of Fletcher Building.  Just as significantly, he has
    successfully steered Fletcher Building through one of the worst economic
    downturns in recent times. The company's sound financial position and the
    strength of its management team are fitting testament to Jonathan's
    leadership," Mr Waters said.
    
    For investor enquiries contact:
    
    Bill Roest
    Chief Financial Officer
    Phone:  + 64 9 525 9165
    Mobile:   + 64 21 990 779
    Email: [email protected]
    
     For media enquiries contact:
    
    Stephen Smith
    Corporate Affairs Advisor
    Phone: + 64 9 525 9125
    Mobile: + 64 21 375 166
    Email: [email protected]
    
    Attachments:
    
    Mark Adamson - Curriculum Vitae
    
    Key terms of employment
    
    Ends
    
    MARK ADAMSON
    B.A. (Hons), ACA, ATII
    
    FLETCHER BUILDING      October 2011 - present
    
    CHIEF EXECUTIVE - LAMINATES & PANELS DIVISION
    
    Reporting to the chief executive officer of Fletcher Building, this role is
    responsible for The Laminex Group business in Australia and New Zealand, and
    Formica worldwide. In 2011, total annual revenues of the division were NZ$2.1
    billion, with 4,500 staff employed across 20 manufacturing sites.
    
    CHIEF EXECUTIVE, FORMICA    April 2008 - October 2011
    
    Following Fletcher Building's acquisition of Formica in July 2007, promoted
    to chief executive of Formica with responsibility for all of Formica's
    operations in North America, Europe and Asia. Total revenues in 2011 were
    NZ$884 million with approximately 3,000 staff employed 12 manufacturing
    sites.
    
    FORMICA CORPORATION    Mar 2000 - April 2008
    
    PRESIDENT - UK & EUROPE    August 2004 - April 2008
    
    Reported to the CEO of Formica Corporation with responsibility for managing
    Formica's business in Europe and the Middle East.
    
    MANAGING DIRECTOR     July 2003 - August 2004
    
    Reported to the president of Formica Europe with responsibility for managing
    the  50m business of Formica in the UK and Eire.
    
    CHIEF FINANCIAL OFFICER    March 2000 - July 2003
    
    Reported to the president of Formica Europe with responsibility for financial
    management and IT for Europe. Supported by five regional finance directors.
    
    PERSTORP LIMITED  October 1998 - March 2000
    
    The UK Holding Company of a Swedish multi-national, quoted in London and
    Stockholm. Generating turnover in excess of  100 million from four trading
    divisions; Laminates, Chemicals, Flooring and Biotechnology; the Company
    employed 500 people in the UK and operated from 7 locations.
    
    GROUP FINANCE DIRECTOR   October 1998 - Mar 2000
    
    Reported to the managing director with responsibility for finance, IT and
    procurement.
    
    GLAXO WELLCOME P.L.C. March 1992 - October 1998
    
    The Company is the world's largest pharmaceuticals company. Operating from
    five sites, the UK subsidiary had a turnover of  4bn and employed 6000
    people.
    
    DIVISIONAL FINANCIAL CONTROLLER December 1997 - October 1998
    
    Reported to the finance director. The division comprised the largest
    pharmaceutical plant in Europe employing 2700 people with a cost base of  600
    million and accounting for 2 billion of Group turnover. The finance function
    employed 40 people. The principle focus of the division was the manufacture
    of raw chemical compounds for use in Glaxo plants around the world.
    
    FINANCE MANAGER - PRODUCT STREAMS Oct. 1996 - December 1997
    
    Reporting to the financial controller, the role supported two product streams
    with financial management support.  The combined cost base of the areas was
    in excess of  200 million with the products supplied accounting for  1.1
    billion of group turnover. Supported by four qualified accountants.
    
    FINANCIAL ACCOUNTING MANAGER     August 1994 - October 1996
    
    Reporting to the company financial controller the role was responsible for
    the provision of statutory accounting and management reporting for three of
    Glaxo's secondary manufacturing sites. Initially with a team of thirty people
    the role was newly created and aimed to bring a new focus to a traditional
    and well established function.
    
    FINANCE ANALYST      September 1993 - August 1994
    
    Reporting to the Finance Manager of the product stream, aimed at improving
    the financial awareness and acumen of general managers within the business.
    
    PRODUCTION ACCOUNTANT    March 1992 - September 1993
    
    Reporting to the Financial Accounting Manager, the role involved preparation
    of management accounts and stewardship of the Company's financial systems.
    DELOITTES     September 1987 - March 1992
    
    MANAGER - CORPORATE SPECIAL SERVICES Sept 1990 - March 1992
    
    Serviced financial institution's requirements for professional advice on
    emerging companies and those with going concern problems. Experience included
    managed a number of companies whilst in receivership.
    
    AUDIT SENIOR       September 1987 - September 1990
    
    Performed the statutory audit of multi-nationals and medium sized
    owner-managed businesses
    
    Key Terms of Employment for Chief Executive Officer of
    Fletcher Building Limited
    
    1. Appointee   Mark Adamson
    
    2. Contract duration  Indefinite term
    
    3. Commencement date 1 October 2012
    
    4. Remuneration  Total Fixed Remuneration 'TFR' $1,500,000.
    
    Executive Short Term Incentive maximum target value of 100% TFR subject to
    performance criteria.
    
    Executive Long Term Share Scheme at maximum value of 100% TFR subject to
    performance criteria (subject to shareholder approval).
    
    Subject to shareholder approval, two grants of 500,000 share options, which
    will be granted three year apart.  The exercise price will be based on the
    average share price prevailing in the five working days preceding the date of
    this announcement, escalated annually, by the Company's cost of capital less
    actual dividends paid. The second tranche of 500,000 share options will be
    valued at the share price at the time of the grant and escalate annually, by
    the Company's cost of capital less actual dividends paid.  This option plan
    will have a three year restrictive period and a three year exercise period
    thereafter (a six year life).
    
    5. Termination Resignation requires six months' notice.  Company induced
    termination other than for cause on a three month notice period.
    
    6. Redundancy Twelve months TFR in addition to the three month notice period.
    
    7. Other Terms The Employment agreement also includes standard terms covering
    confidentiality, restraint upon termination of employment, conflicts of
    interest, leave provisions and external appointments.
    End CA:00223958 For:FBU    Type:OFFICE     Time:2012-06-18 09:00:10
    				
 
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