Ann: OFFICE: FBU: FBL organisation structure and key management...

• Release Date: 30/10/14 12:36
• Summary: OFFICE: FBU: FBL organisation structure and key management changes
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					FBU
30/10/2014 12:36
OFFICE

REL: 1236 HRS Fletcher Building Limited

OFFICE: FBU: FBL organisation structure and key management changes

Auckland - 30 October 2014 - Fletcher Building Limited announced today a new
organisation structure and changes in several executive leadership roles. The
changes follow an ongoing review of the business portfolio and business
performance management.

Under the new organisation structure, business units will be combined to
better align product and service offerings to customers. As a result, there
will be a reduced number of larger business units, and these will provide
each General Manager with the critical mass to benefit from economies of
scale, further invest in people capabilities, and deploy greater resources in
product innovation and customer service.

Two new divisions - Heavy Building Products and Light Building Products -
will be formed under which the relevant business units will report. In
addition to these two new divisions, a number of business units will be
combined within the New Zealand Distribution division. Further details of the
new business unit groupings within each division will be announced in the
coming weeks.

Following this organisation review, a number of changes to the executive
leadership team have been announced.

The roles of Chief Executive - Strategy and Performance Management (Gerry
Bollman) and Chief Financial Officer (Nick Olson) will be combined. The newly
expanded Chief Financial Officer role will be undertaken by Gerry Bollman.
Nick Olson has been appointed to the new role of Group Finance Director.

Tim Richards (Chief Executive, Building Products division) and Mark Malpass
(Chief Executive, Infrastructure Products division) will be leaving Fletcher
Building as a result of their positions being disestablished. A global search
is underway to find senior executives to fill the new established leadership
roles for the Heavy Building Products and Light Building Products divisions.
Further announcements will be made in the coming weeks regarding these
appointments.

Fletcher Building chief executive officer Mark Adamson said the changes were
part of a continued programme to drive improved execution of the company's
strategy and to lift its operating and financial performance.

"We want to make Fletcher Building easier to do business with for our
customers. Combining business units will help achieve this while at the same
time improving our performance as we target further growth from the market",
Mr Adamson said.

"We recognise that we must pursue organic growth opportunities while at the
same time we need to do more to lift the performance of our business
portfolio. We have a number of businesses, particularly in Australia, which
are not performing to our expectation and which will require greater
management input to drive the desired improvement".

Commenting on the changes to the Finance function, Mr Adamson said that they
would allow greater focus on management of the business portfolio and on the
financial performance at individual business unit level.

"I welcome Gerry to the Chief Financial Officer role. Gerry has made a
significant contribution since joining the company from Formica, not least as
the architect of the FBUnite business transformation programme.

"Nick Olson has done a tremendous job in restructuring and modernizing our
Finance function since joining the business. I am delighted that Nick has
agreed to take on the role of Group Finance Director. In this role Nick will
continue the work of Finance transformation, further improve our performance
management framework, particularly as it relates to capital management, and
be the executive responsible for the businesses we have earmarked for
divestment", Mr Adamson said.

Mark Adamson thanked Tim Richards and Mark Malpass for their contributions to
Fletcher Building.

"Tim and Mark have each made a significant contribution to the leadership of
Fletcher Building. I'd like to wish them both every success for the future
and to acknowledge their efforts over the past few years", Mr Adamson said.

For further information contact:

Philip King
Group General Manager,
Investor Relations & Capital Markets
Phone:  + 64 9 525 9043
Mobile:   + 64 27 444 0203

Ends
End CA:00257003 For:FBU    Type:OFFICE     Time:2014-10-30 12:36:18