NZ's Fletcher Building appoints Andrew Reding as group CEO
Adds more details from paragraph 2 onwards
Aug 20 (Reuters) -New Zealand's Fletcher Building FBU.NZ on Tuesday appointed Andrew Reding as its Group Chief Executive Officer and Managing Director from Sept. 30.
Reding will replace acting CEO Nick Traber, who has been leading the construction services provider for the past six months.
Fletcher has seen its top executives step down in recent months as the construction firm struggles with cost blowout, weak earnings and declining share prices.
Reding has previously been the CEO of Building Products and Steel and managing director of Fletcher Wood Panels during his time at the company.
"My immediate priorities will be to understand and then optimise the operational performance across the businesses for the prevailing challenging market conditions," Reding said.
"I will also be undertaking a strategic review which I will announce to the market in the first half of next year."
Reporting by Shivangi Lahiri in Bengaluru; Editing by Arun Koyyur
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.