Sharechat Logo

Fletcher Building taps former Formica boss Adamson as CEO as Ling departs

Monday 18th June 2012

Text too small?

Fletcher Building named Mark Adamson, an executive it picked up with the 2007 acquisition of Formica, as new chief executive, replacing Jonathan Ling.

Adamson, currently Fletcher’s chief executive for laminates and panels, will take up the top job starting on Oct. 1. The appointment follows a global search for a new CEO after Ling said he wanted to retire after six years in the job, the Auckland-based company said in a statement.

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 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 under Ling’s watch, 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.

Adamson will be the second CEO to come via the laminates and panels business, which Ling had headed before his appointment to the top job in 2006.

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.

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Fletcher Building faces probe into plasterboard supply deals
Fletcher closes Christchurch plasterboard plant after finding asbestos
Fletcher Building names Charles Bolt as general counsel, replacing Farrell
Fletcher beats estimates with $326M FY profit as NZ revives, Australia stays flat
Fletcher executive Worley leaves as underperforming Crane unit brought in-house
Fletcher puts strategy under microscope seeking $70M annual gain, will shed jobs
Fletcher Building 1H profit edges up
Fletcher Building capital notes rollover at 5.4 percent from 8.9 percent
Fletcher Building offloads CSP Coating galvanised steel unit
Fletcher not abusing its role running Canterbury home repairs, EQC says