Waters to chair Fletcher

BY GARETH VAUGHAN
Last updated 15:26 03/06/2009
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Former CEO Ralph Waters is set to replace Roderick Deane as Fletcher Building's chairman next March.

Fletcher said today Deane would retire from the board on March 31 next year. The "current expectation" was that Waters, now a director after a successful five year stint as CEO, would replace him.

The building materials manufacturer and distributor also said directors Paul Baines and Geoffrey McGrath would retire on June 30 this year. Gene Tilbrook and Alan Jackson, who will both serve as independent directors, will join the board from September 1.

Tilbrook was finance director at Wesfarmers until his retirement in May. And from 2001 to 2005 Tilbrook served as a director of Bunnings Property Management, associated with the ASX-listed Bunnings Warehouse Property Trust.

Jackson is currently Australasian chairman and senior vice president and director of The Boston Consulting Group. He has been an international management consultant since 1987.

Deane said the two new directors had "very considerable" business and management experience. Between them this covered building products, manufacturing, hardware retailing, supply chain processes, and acquisition and financial strategies.

"They will be very valuable additions to the board," said Deane.

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